Lee Jae-myung: "2.5 Million Houses During Term, 1 Million Basic Houses to Be Supplied"

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] Lee Jae-myung, Governor of Gyeonggi Province, announced a plan to supply more than 2.5 million housing units during his term. Among these, he stated that over 1 million units will be supplied as Basic Housing, increasing the proportion of long-term rental public housing (including land lease-type sales) to 10%.

At a press briefing at the National Assembly, Governor Lee said, “For low-income citizens without homes, we must ensure that if they do not wish to buy a house, they can still live comfortably in high-quality, cozy housing for life.” He announced this policy pledge. ‘Basic Housing’ refers to public housing that anyone without a home, including the middle class, can live in for more than 30 years or for life. It is divided into sales-type, where only the building is sold, and rental-type, where the building is also rented.

He also announced the introduction of a land ownership tax, with all tax revenue paid as regional currency basic income, to realize the concept of public land ownership, block real estate speculation, and alleviate income polarization. He said the tax burden would be differentiated between owner-occupied and non-owner-occupied properties. He stated, “To prevent real estate speculation, tax burdens, financial restrictions, and transaction restrictions will be strengthened, but burdens and restrictions on owner-occupied housing or business-use real estate will be eased. Loans for non-essential real estate will have maturity extensions limited, and financial support for home purchases by the homeless and real demand real estate will be increased accordingly.”

To enhance the completeness of real estate policy, he also pledged to eradicate real estate speculation by public officials. Specifically, Governor Lee said he would institutionalize a real estate blank trust system, restrict appointment and promotion of high-ranking officials owning non-essential real estate, implement a public official real estate acquisition review system, enforce price ceiling systems for sales, establish a dedicated real estate agency, and ban farmland speculation.

Governor Lee said, “Various policies to prevent real estate speculation are being proposed in a cacophony of voices. If promises are made only in words, one could even pluck stars from the sky, but keeping promises is not something just anyone can do.”

He emphasized, “Lee Jae-myung has kept his promises, proven his competence through achievements, and remained incorruptible enough to survive the far-reaching investigations and audits of the Lee Myung-bak and Park Geun-hye administrations. Only Lee Jae-myung can create a fair society without real estate speculation and a new Korea without housing insecurity.”

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