First Campaign Pledge 'Three Land Public Concept Laws' Proposed by Lee Nak-yeon... "We Must Resolve Asset Inequality"

Imposing Charges on Land Ownership, Strengthening Development Profit Recovery, and Additional Taxes on Idle Land
Land Public Concept Still Controversial... "Will Only Fuel Social Debate" vs "Applying Public Concept Is Meaningful"

Governor Lee Jae-myung Also Mentioned Recovery of Speculative Profits at the Same Day's 'Real Estate Market Law Enactment National Assembly Forum'

[Asia Economy Reporters Oh Ju-yeon and Gu Chae-eun] Lee Nak-yeon, former leader and presidential candidate of the Democratic Party of Korea, has introduced the ‘land public concept’ card as a measure to resolve unfairness.

On the 6th, Lee held a press conference at the National Assembly Communication Office and stated, "The top 10% monopolize land and reap astronomical profits," announcing that he will take the lead in proposing the ‘Three Land Public Concept Laws’: the Land Ownership Limit Act, the Development Profit Recovery Act, and the Comprehensive Real Estate Tax Act. These laws include imposing charges on land ownership, strengthening the recovery of development profits, and levying additional taxes on idle land.

Democratic Party presidential primary candidate Lee Nak-yeon is holding a press conference on the concept of public land at the National Assembly on the 6th. Photo by Yoon Dong-joo doso7@

The land public concept is a notion that allows ownership and disposal of land to be regulated by law for public land use. Many related policies have emerged as real estate prices surged rapidly, causing a speculative boom.

However, the pros and cons surrounding the land public concept remain controversial. Supporters argue that it can eradicate land monopoly, unearned income, and real estate speculation, while opponents claim it is a socialist idea.

Professor Shim Gyo-eon of Konkuk University’s Department of Real Estate said, "In the short term, it seems like a measure for ordinary people, but it is close to populism. It could damage market functions and further harm housing stability." Political commentator Lee Jong-hoon also said, "Excessive government intervention in the housing market has been problematic even under the current administration, and defining the land public concept through constitutional amendment, which is already broadly covered by the existing constitution, will only fuel social controversy." On the other hand, Professor Choi Chang-ryeol of Yongin University advised, "Applying the public concept to land is meaningful. It should be supported along with various subordinate laws."

On the same day, Lee Jae-myung, Governor of Gyeonggi Province, held a ‘National Assembly Forum on the Real Estate Market Act’ and argued, "Strong sanctions such as recovering speculative profits must be institutionalized against illegal acts that disrupt market order." Governor Lee plans to promote the Real Estate Market Act, which focuses on establishing a real estate supervisory body, building an integrated monitoring system for unfair real estate transactions, and preparing strengthened penalty provisions for unfair transactions and illegal acts.

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