Yun Hojung "Will Supplement Lease 3 Laws... Improve Unequal Contracts"

Yoon Ho-jung, the floor leader of the Democratic Party of Korea, is attending the Supreme Council meeting held at the National Assembly on the 26th and delivering an opening remark. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Park Cheol-eung] The Democratic Party of Korea is set to supplement the Three Lease Laws (Jeonwolse Reporting System, Jeonwolse Rent Cap System, and Contract Renewal Request Right System). The aim is to further reduce rental fees.

On the 26th, Yoon Ho-jung, the floor leader of the Democratic Party, stated at the Supreme Council meeting, "It has been one year since the Three Lease Laws were passed as of yesterday. On August 1, it will be one year since their implementation." He added, "Recent statistics show that the contract renewal request rate has increased from 57% before the passage of the Three Lease Laws to 77%. This means that 20% of tenants are now protected under the contract renewal request right of the Lease Protection Act."

He continued, "However, based on the experience over the past year, there has been an issue where landlords have continuously raised rents when tenants do not exercise the contract renewal request right or enter into new contracts."

He further explained, "This has been reported as causing instability in Jeonwolse prices and has indeed caused actual concerns. In one year, tenants who exercised the contract renewal request right will have their contracts expire again. Before that, the authority to set rental fees in new contracts is excessively concentrated in the hands of landlords, i.e., building owners, who exercise disproportionate power. Legislative measures are needed to improve this unequal contractual relationship." Yoon said, "Over the next year, the government and ruling party will responsibly review and develop institutional improvement plans."

Regarding the redistribution of standing committee chair positions to 11 to 7, he stated, "Having shaken off the shackles of dictatorship imposed by the opposition, we will accelerate reforms on livelihood issues such as the Operating Room CCTV Act, legislation to create a fair media ecosystem, judicial reform, and the second phase of prosecution reform."

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