People Power Party's Top 10 Promises for April 7 Election: "Easing Real Estate Regulations and Reducing Property Taxes"

Promise of 5 Trillion Won Emergency Survival Fund for Small Business Owners
Commitment to Waive Utility Bills Including Electricity and Water Charges

[Asia Economy Reporter Naju-seok] The People Power Party announced election pledges for the April 7 by-elections, focusing on real estate regulation relaxation and real estate supply measures. The party promised to reduce property taxes and expand support for small business owners affected by COVID-19.

On the 17th, Lee Jong-bae, chairman of the People Power Party Policy Committee, held a press conference at the National Assembly to announce the "People Power Party's 10 Promises for the April 7 By-elections."

[Image source=Yonhap News]

Regarding real estate measures, the People Power Party pledged to "establish a housing hope ladder for home ownership," including ▲significant relaxation of existing floor area ratio regulations and expansion of housing supply ▲re-promotion of redevelopment projects in areas near subway stations and deregulated zones ▲expansion of supply to meet demand through revitalization of private redevelopment and reconstruction ▲development of compact cities with high density and high-rise buildings in existing urban areas ▲securing large-scale urban land by relocating railway vehicle bases to outskirts and undergrounding roads and railway facilities.

Additionally, the party promised to significantly ease LTV and DTI regulations for newlyweds and young people purchasing their first home to relax loan restrictions for actual demanders. Regarding the controversial three lease laws, they pledged to postpone implementation and prepare reasonable alternatives.

Measures to reduce tax burdens were also announced. The People Power Party promised to reduce property tax by up to 50% based on residence and holding periods for actual residents owning one house and to raise the taxable standard for housing property tax. Regarding official property prices, they pledged to lower various tax burdens linked to official prices, such as health insurance premiums. They also promised tax credits for marriage, moving, and funeral expenses, as well as reductions in acquisition and registration taxes for first-time homebuyers.

In support of small business owners affected by COVID-19, the party plans to secure 5 trillion won in policy funds and provide "emergency survival funds" for self-employed and small business owners. Interest rates will be lowered from the current 1.5-2% to 0.5% or interest-free levels, with extended grace periods. Exemptions for utility bills such as electricity and water will also be strengthened. They will establish grounds for loss compensation related to small business loss compensation.

Furthermore, the party promised basic income support related to pregnancy and childbirth. The current 600,000 won level of the National Happiness Card voucher will be increased to about 1 million won, and one-stop support funds covering pregnancy medical expenses, childbirth costs (including postpartum care center fees), and childcare will also be increased.

Other pledges include comprehensive measures to eradicate public officials' real estate speculation, child abuse, and unfair practices such as bribery, power-type sexual crimes, illegal speculation, and unfair hiring, as well as ensuring mobility and activities for the disabled and launching "Youth Return DREAM" for the elderly.

Chairman Lee said, "This election is being held while wasting enormous tax money due to allegations of power-type sexual crimes by two former mayors of Seoul and Busan," adding, "Through this by-election, we will establish policies to restore broken justice across society, including the livelihood economy, real estate, public service, and admissions and recruitment, making 2021 a year of fairness and leap forward."

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