Yun Hojung: "Improvement of Rental Business System... Some Media Stirring Up Anxiety"

Yoon Ho-jung, the floor leader of the Democratic Party of Korea, is attending the policy coordination meeting held at the National Assembly on the 27th and delivering opening remarks. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Koo Chae-eun] On the 28th, Yoon Ho-jung, floor leader of the Democratic Party of Korea, said at the Supreme Council meeting, "Some media outlets are writing inflammatory articles that stir up anxiety and sow discord between our party and the public."

Regarding the improvement plan for the housing rental registration system announced the previous day by the Democratic Party's Special Committee on Real Estate, Yoon said, "I cannot help but clarify the facts in response to reports that distort the purpose of the system improvement."

Yoon first expressed, "I would like to thank the rental business operators who have worked hard to supply private rental housing and stabilize the housing supply, and I apologize to the confused rental business operators and tenants due to the decision to improve the system."

He added, "There are reports that capital gains tax reductions for rental business operators will disappear immediately and that the system itself will be abolished, but tax reductions for 'livelihood rental business operators' who are 60 years or older and own three or fewer houses will be maintained." He also said, "We will respect the current rental business registrations and gradually apply the sunset clause until the registration is canceled when the contract period ends," and "For about 400,000 houses whose rental business registration has been canceled, tax benefits will be maintained until they are sold within six months after the system is implemented."

Yoon said, "There are cases where rental business operators are reported as if the party views them as beneficiaries of real estate privileges, but the intention is to eliminate cases where corporate rental business operators abuse the system while protecting honest rental business operators." He added, "We have kept the six-month tax benefits after registration cancellation open so that entities like LH (Korea Land and Housing Corporation) can purchase and recover their investment."

Yoon also emphasized, "There are concerns that the disappearance of tax benefits will destabilize the jeonse and monthly rent market and harm tenants, but since rental business registration cannot be voluntarily canceled without the tenant's consent, tenants' rights will not be infringed."

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