[2020 National Audit] Rental Income Untracked in 7 out of 10 Households

[Asia Economy Reporter Yoo In-ho] The government has been criticized for its real estate policies aimed at low-income households being ineffective, as it fails to grasp rental income for 7 out of 10 rental housing units.

According to the 'Status of Housing Lease Information by City and Province' received by Kim Sang-hoon, a member of the National Assembly Land, Infrastructure and Transport Committee from the Ministry of Land, Infrastructure and Transport, as of June, out of 7,313,204 rental housing units nationwide, only 2,070,464 units (28.3%) had identifiable rental fees (based on official records).

On the other hand, 5,242,740 units (71.7%) had no rental fee information. Kim's office explained that this is evidence that the government has been pushing various rental business policies and tax reforms for vulnerable residents without even basic rental income data.

By city and province, Seoul had the highest rental fee identification rate at 47.4%. This was followed by Gyeonggi at 35.0%, Daejeon at 33.9%, and Sejong at 32.4%. Major metropolitan cities such as Busan, Daegu, and Gwangju all fell below 30%. In Jeonnam (6.8%) and Jeju (8.4%), it was difficult to even know the rental income for 1 out of 10 rental housing units.

In Seoul, the Gangnam 4 districts had a rate of 49.7%, exceeding both the national and overall Seoul rate (47.4%). This suggests that the government's housing price policies are concentrated in Seoul, particularly in the Gangnam area.

Assemblyman Kim said, “I have doubts about whether the government's various housing-related tax strengthening policies were truly based on reality,” adding, “The Ministry of Land, Infrastructure and Transport declared that with the establishment of a new system, rental income would be fully visible, but in the end, it was nothing more than blind administration, and the inconvenience and damage have been directly passed on to the people.”

This content was produced with the assistance of AI translation services.