'1 Household 1 Home' Bill Proposed by Jin Sung-jun: "Not a Law to Prevent Multiple Home Ownership... Cannot Deny Private Property Rights"

"One Household One Home, Already Institutionalized"
"The Intention to Codify the Principle into Law"

Jinseongjun, Democratic Party of Korea lawmaker / Photo by Yonhap News

[Asia Economy Reporter Lim Juhyung] Jin Seongjun, a member of the Democratic Party of Korea, clarified regarding the so-called 'One Household One House' bill he sponsored, stating, "This law does not intend to deny the ownership of multiple houses."

On the 22nd, Jin wrote on his Facebook, "There has been a misunderstanding that the amendment to the Housing Basic Act I proposed yesterday aims to make owning multiple houses by one household illegal, so I would like to explain," he said.

He added, "How can we deny the fact that houses owned by individuals are private property?"

He further explained, "The principle of one household one house is already institutionalized. Points are awarded to those without housing when applying for housing, heavy taxation is imposed on multiple homeowners who do not reside in their houses, and tax burdens are reduced for those who actually live in their one house."

Jin said, "This principle is intended to be codified by law as a major direction and standard of housing policy," and requested, "Please refrain from reports that may cause misunderstandings."

On the 14th, a view of apartment complexes in the Gangbuk area as seen from Seoul Sky, the observation deck of Lotte World Tower in Songpa-gu, Seoul. / Photo by Yonhap News

Meanwhile, on the previous day (21st), Jin sponsored the 'Partial Amendment to the Housing Basic Act' as the main proposer.

The bill mainly specifies the 'Three Principles of Housing Justice': ▲ Basic principle of one household owning and residing in one house ▲ Prohibition of using housing for asset accumulation or speculative purposes ▲ Priority supply to those who do not own a house or intend to actually reside. However, the bill itself does not include punitive or compulsory provisions.

Regarding the reason for proposing the bill, Jin explained, "Although the quantitative housing shortage has somewhat eased, 4 out of 10 households still belong to non-homeowning rental households, and recent increases in new lease contract prices have intensified tenants' housing instability," adding, "The law's purpose of guaranteeing citizens' housing rights is not being effectively achieved."

He emphasized, "The aim is to practically secure citizens' housing rights and reduce asset inequality," and "To make it clear that a house is not a means of asset accumulation or speculation but a place to live."

However, some in the political sphere criticized the bill, interpreting it as an attempt to restrict private property by law.

Ahn Hyejin, spokesperson for the People’s Party, said in a statement on the 22nd, "The idea of using 'one household one house' as a 'means' to legislate and control real estate prices infringes on the economic freedom of individuals and enterprises guaranteed by Article 119, Paragraph 1 of the Constitution," and questioned, "Are they now trying to restrict private property by law?"

She urged, "The government and ruling party should quickly turn away from real estate policies that show the characteristics of an anti-market economy."

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