Democratic Party Calls the Feb 4 Real Estate Measures a 'Drastic Step'... "Recover Development Gains to Protect Tenants and Small Merchants"

[Asia Economy Reporter Oh Ju-yeon] Regarding the real estate measures announced by the government on the 4th, the Democratic Party of Korea evaluated them as "extraordinary measures prepared to stabilize market overheating and significantly expand supply within urban areas."

On the afternoon of the 7th, the Democratic Party issued a statement titled "We will do our best to create a country without housing worries," saying, "The government's announcement of real estate measures to supply a total of 323,000 homes in Seoul, 293,000 homes in the metropolitan area, and 220,000 homes in other regions by 2025, totaling 836,000 homes, exceeds market expectations," and added, "The government has supplied more housing than any previous administration and expanded the supply base including the 3rd New Towns, but this large-scale housing supply announcement aims to alleviate real estate anxiety."

Spokesperson Heo Young said, "Regulations will be innovatively eased and procedures greatly simplified to ensure smooth supply, enabling rapid housing provision," and added, "Various incentives such as exemption from the reconstruction excess profit levy will encourage participation in projects to supply sufficient housing."

He emphasized, "Especially since the public sector will lead development, the profits generated during the development process will be shared among local residents such as landowners, tenants, and small merchants."

He also pointed out that until now, large-scale supply within urban areas has mainly been promoted through redevelopment and reconstruction, with profits enjoyed by a few such as construction companies and associations, and explained, "Through this measure, the government plans to recover development profits publicly and use that money to protect tenants and small merchants and build living infrastructure."

Spokesperson Heo evaluated, "Increasing housing supply while securing public interest is a bold initiative that no previous government has undertaken."

He urged the People Power Party, saying, "Instead of merely criticizing this measure as an election gimmick, we hope they actively cooperate in revising related laws such as the 'Urban and Residential Environment Improvement Act.'"

Finally, he concluded by requesting the government, "Since there have been cases in the past where large-scale housing supply policies fueled surrounding housing price increases, please closely monitor market conditions and ensure no negligence in preventing speculation."

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