Assemblyman Kim Hoe-jae Proposes Legislation to Alleviate Jeonse Crisis for Low and Middle-Income Classes

Partial Reduction of Land and Housing Acquisition Taxes for Private Housing Developers to Revitalize Purchase Commitment Housing

Public Rental Use Buildings Such as Tourist Hotels to Maintain Existing Floor Area Ratio Even if Housing Floor Area Rat

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Kim Hoe-jae, a member of the National Assembly Land, Infrastructure and Transport Committee from the Democratic Party of Korea (Yeosu-eul, Jeonnam), announced on the 11th that he has taken the lead in proposing two partial amendments to the 'Local Tax Special Cases Act' and the 'Public Housing Special Act' to enable the rapid supply of high-quality housing to alleviate the jeonse difficulties of low-income and middle-class citizens.

To alleviate the recent jeonse difficulties faced by low-income and middle-class residents in the metropolitan area, it is necessary to quickly supply high-quality housing.

To this end, LH is promoting a private purchase agreement method that secures newly built housing by purchasing standard public new housing or signing agreements with private businesses, as well as plans to purchase and renovate hotels and other facilities for rental purposes.

However, due to the application of the now-abolished Special Act on Tourist Accommodation Facilities, many tourist hotels were constructed with relaxed floor area ratios, causing inefficiencies such as the need to demolish areas exceeding the residential floor area ratio when these are used as housing.

Accordingly, the amendment includes provisions to maintain the existing floor area ratio only for buildings targeted for public rental housing purchase, and to reduce acquisition taxes on land and housing for private businesses by 10% until next year to revitalize public rental and jeonse housing.

Assemblyman Kim Hoe-jae stated, "If these bills are passed, high-quality housing located in high-demand prime locations within urban areas and private newly built housing can be supplied quickly," adding, "I will contribute to resolving the housing difficulties of low-income citizens through rapid and stable supply."

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