Kim Jaeseop "Eviction consolation money taxed... I wish the Moon administration had done nothing"

Severance Pay for Jeonse Move-Out Taxed Depending on Contract Details and Amount

Kim Jae-seop, Emergency Response Committee Member of the People Power Party. Photo by Yonhap News Agency

[Asia Economy Reporter Kim Suwan] Kim Jaeseop, Emergency Response Committee member of the People Power Party, criticized the Moon Jae-in administration's real estate regulatory policies, saying, "Young people who couldn't buy houses are desperately trying to study real estate by visiting various places to somehow get a house."

On the 15th, Kim posted on his Facebook, "The Moon administration has announced 23 real estate policies so far," and pointed out, "Amidst the flood of various regulations, housing supply naturally decreased sharply, and both sale prices and jeonse prices skyrocketed."

Kim criticized strongly, saying, "Meanwhile, landlords in high-demand areas of the housing lease market have become dominant. The so-called 'lotto jeonse' clearly proves this," and added, "On top of that, this government raised property holding taxes and transaction taxes, making the housing lease market even more chaotic."

Regarding the recent continuous surge in housing prices, he said, "From the landlord's perspective, due to the increased tax burden, they naturally convert jeonse to monthly rent or half-jeonse, passing the burden directly onto tenants," pointing out, "This is the 'tax incidence effect' where the landlord's tax burden is transferred to the tenant."

He then criticized, "The government's and ruling party's claims that these are real estate policies for the common people or measures for tenants have become a deception toward the public."

Kim also said, "Does our government still think it hasn't troubled our people enough? They say they will reclaim loans from those who 'yeongkkeul' (borrowing to the limit), and even plan to tax 'eviction consolation money,'" emphasizing, "I understand this government has no real measures for real estate policies and is obsessed with tax collection, but I really hope they stop now."

Finally, he added, "Incompetent real estate policies that continuously suppress the housing market are much more likely to degenerate into 'tax extortion' targeting the public rather than ensuring housing stability for the common people," and said, "I don't expect this government to do well. It would be better if they did nothing at all."

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