People Power Party: "Government and President Must Change Real Estate Perception and Amend the Three Lease Laws"

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[Asia Economy Reporter Lee Ji-eun] The People Power Party has urged the government and the president to change their perception of real estate and shift their policy direction, calling for the revision of the Lease 3 Acts. Their real estate measures include deregulation of reconstruction and redevelopment, and abolition of the capital gains tax surcharge.

On the 13th, Kim Jong-in, the emergency committee chairman of the People Power Party, held a "Real Estate Normalization Measures Press Conference" at the National Assembly and demanded, "The real estate crisis occurred not due to market failure but policy failure."

Regarding President Moon’s New Year’s address apologizing for real estate failures, he said, "It is not something to be brushed off with a mere three-line soulless apology," and urged, "Prove the sincerity of the apology through a sweeping innovation in policy direction."

The People Power Party demanded ▲a change in the president’s and government’s perception of real estate ▲a sweeping shift in real estate policy direction ▲revision of the hastily legislated harmful real estate laws, the 'Lease 3 Acts' ▲withdrawal of punitive real estate taxes.

As measures to normalize real estate, they proposed ▲activation of reconstruction and redevelopment projects ▲expansion of supply volume through securing urban land ▲abolition of the capital gains tax surcharge system ▲resolution of chronic traffic congestion ▲reform of the official price system ▲support for home purchases by non-homeowners.

The People Power Party pointed out, "The Moon administration and former Mayor Park Won-soon artificially blocked reconstruction and redevelopment, causing an imbalance in new housing supply," and said, "We must drastically lift regulations that have been blocking reconstruction and redevelopment, such as raising Seoul’s floor area ratio standards below legal levels, adjusting safety inspection standards that do not reflect reality, abolishing the price ceiling system for sale prices, and realistically implementing excessive reconstruction profit recovery."

They also proposed, "Relocate or cover over the railway vehicle depots located within Seoul to use the upper land as residential sites," and added, "In particular, vehicle depots have excellent accessibility as subway stations are located there, making them suitable for accommodating housing demand from young people and newlyweds. It is also necessary to actively consider utilizing the upper land for residential use by undergrounding major arterial roads and railway facilities that run through the city center."

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