Democratic Party Rolls Up Sleeves Amid Jeonse Crisis... Forms Future Housing Promotion Team

Lee Suggests Reviewing Tax Relief Policy for Long-term Primary Homeowners
Jin Sun-mi Appointed as Chair of the Land, Infrastructure and Transport Committee

[Asia Economy Reporter Jeon Jin-young] To address difficulties in the real estate market such as the Jeonse crisis, the Democratic Party of Korea has decided to form a discussion body called the Future Housing Promotion Team. The purpose is for the party to take proactive measures rather than just waiting for government solutions.

[Image source=Yonhap News]

On the morning of the 19th, Lee Nak-yeon, leader of the Democratic Party of Korea, stated at the Supreme Council meeting held at the National Assembly, “We will increase the responsibility of the state and local governments for housing and expand the public nature of housing to prepare groundbreaking measures that alleviate the public’s anxiety and dissatisfaction.”

Lee identified the intensified Jeonse crisis as an urgent task. At the meeting, he said, “We will closely examine and respond to the current Jeonse and monthly rent situation that many people are worried about,” adding, “We will start with on-site inspections.” Earlier, at the Supreme Council meeting on the 16th, Lee also mentioned, “The Jeonse problem is growing,” and “I hope that in the fourth quarter, this issue will be alleviated while economic recovery accelerates.”

He also hinted at considering tax relief for long-term homeowners with one house. Lee said, “We will prepare policies centered on providing reassurance regarding taxes for households that have long-term ownership and actual residence of one house.” He further emphasized, “Housing demand has increased in level and diversified in content compared to the past,” and “This cannot be solved with the traditional concept of housing supply. We must reflect on past real estate policies and begin a new approach.”

The newly formed Promotion Team will be a body that discusses policies together with private experts, with Jin Sun-mi, chairperson of the National Assembly Land, Infrastructure and Transport Committee, serving as the head.

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