Assemblyman Kim Tae-ho Announces 3rd Pledge: "A Country Where Everyone Can Freely Dream of Owning a Home"

Relaxation of Regulations on Reconstruction and Redevelopment, Abolition of Capital Gains Tax for Single-Homeowners, Temporary Abolition of Heavy Capital Gains Tax for Multi-Homeowners
Supply of Apartments at Public Land Cost, Abolition of Loan-to-Valu

Assemblyman Kim Tae-ho

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Representative Kim Tae-ho announced his third pledge as "A country where you can freely dream of owning your own home."

Rep. Kim criticized, "As a result of 25 disastrous real estate policies, house prices and monthly rent have skyrocketed, leaving no house to buy or live in," adding, "The government's real estate measures were not real estate policies but real estate politics."

He advocated for a real estate redesign, citing three main principles: ▲ the normal and transparent restoration of real estate market functions ▲ bold tax reforms for one household one home for residential purposes ▲ consistent implementation of policies directly or indirectly related to the real estate market.

He also presented five major pledges with concrete action plans.

First, he said, "We will greatly expand private housing supply," by easing regulations on reconstruction and redevelopment to open the way for private housing supply and promoting housing supply through increased floor area ratios.

Regarding real estate taxation, he stated, "We will abolish capital gains tax on one household one home and temporarily abolish the heavy capital gains tax system on multiple homeowners."

He explained that the temporary abolition of the heavy capital gains tax system on multiple homeowners is a necessary measure to temporarily increase housing supply.

He also pledged to reduce acquisition and holding tax burdens, excluding temporary two-home ownership and rural houses outside urban areas from the one household one home concept to lessen the comprehensive real estate tax burden.

Regarding the role of the public sector, he said, "We will supply cost-price apartments using public land developed by LH and others," and "We will actively introduce various creative solutions such as land leasehold sales and repurchase condition sales, which have been successful in Singapore."

He also promised to supply "housing tailored for single-person households" and continuously expand public rental housing construction to stabilize housing for low-income people.

On loan regulations, he said, "We will remove the loan-to-value (LTV) ratio restrictions to guarantee opportunities for homeownership for genuine demanders such as the homeless," and "We will leave the LTV ratio to market autonomy instead of government regulation."

Regarding the rental crisis, he pledged to "abolish the three lease laws" and "seek ways to resolve tenants' housing insecurity."

Rep. Kim said, "The dream of owning a home is an instinct for a happy life," and added, "Instead of telling people to give up their dreams, we should provide ladders to reach them."

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