People Power Party Targets Jeonse and Monthly Rent Crisis... Visits Lease Adjustment Committee

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] On the 26th, the People Power Party (PPP) is targeting the ‘jeonse and monthly rent crisis’ caused by the government and ruling party’s failure in real estate policy. Kim Jong-in, the emergency committee chairman, and other party leaders visited the Housing Lease Dispute Mediation Committee in Seocho-gu, Seoul, in the afternoon to assess the actual situation of the jeonse and monthly rent crisis caused by the Democratic Party of Korea’s forced passage of the three lease laws.

The PPP plans to listen to a briefing on the status of disputes in jeonse and monthly rent contracts since the implementation of the lease laws, and to develop legislative ideas that provide practical help to the public and propose bills. The Housing Lease Dispute Mediation Committee is an institution under the Korea Legal Aid Corporation responsible for mediating conflicts in housing and commercial lease agreements.

Earlier, on the 16th, the PPP visited the apartment model house in Gwacheon Knowledge Information Town to point out the problems of the ‘lottery subscription’ system. Chairman Kim visited the apartment model house in Gwacheon Knowledge Information Town and said, “As long as the current pre-sale apartment subscription system remains, the speculation problem cannot be solved. The essence of housing policy must be changed,” demanding a shift to a post-sale system. He added, “Everyone knows that some profit goes to those who get the pre-sale, so whether they are actual users or not, everyone rushes to subscribe. The system should be changed so that actual users can purchase completed apartments.”

The PPP continues its efforts to prepare real estate measures day after day. On the afternoon of the 25th, the PPP held a public policy meeting titled ‘Real Estate Policy, Listening to Voices from the Field.’ This meeting was organized to directly hear the difficulties in the real estate field and to study policy alternatives. Joo Ho-young, the PPP floor leader, criticized, “If I were to sum up the Moon Jae-in administration in one word, it was a truly bad administration. Real estate issues are very important and inseparable from people’s lives, but there seems to be no will to establish and implement proper policies, only fostering conflicts between landlords and tenants.”

Floor leader Joo pointed out, “The real estate market is in chaos right now. During the four years of the Moon Jae-in government, apartment prices in Seoul rose by as much as 50%, which is 4.5 times higher than during the Lee Myung-bak and Park Geun-hye administrations. Even though the public does not want it, housing prices have skyrocketed, and when the comprehensive real estate tax bomb was dropped, people cried out that it was not a tax but a fine.” Lee Jong-bae, chairman of the PPP Policy Committee, said, “Trying to apply misguided ideological policies to the real estate market has resulted in policies disconnected from the market, distorting it and dividing the people. We will take the lead in legislating measures to address the public’s difficulties related to real estate.”

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