Yoon Hee-sook "Abolish Comprehensive Real Estate Tax for Single-Homeowners... LTV to 90%" Pledge

Yoon Hee-sook, a preliminary candidate for the People Power Party's presidential primary, is speaking at the People Power Party's 20th presidential election primary candidates' general meeting held at the National Assembly in Yeouido, Seoul on the 5th. [Image source=Yonhap News]

[Asia Economy Reporter Kim Soyoung] Yoon Heesook, a presidential candidate from the People Power Party, announced a real estate pledge focused on significantly reducing the tax burden for single-homeowners and first-time homebuyers.

On the 22nd, Yoon stated on her YouTube channel 'Yoon Heesook TV,' "I will create a country where people do not have to worry about housing."

She criticized, "What did you think when you saw the Moon Jae-in administration's real estate policy? Honestly, the Moon administration's real estate policy was a complete failure." She added, "You probably thought that those people never implemented policies and only engaged in politics, always blaming speculators."

In response, Yoon announced, "For single-homeowners, I will drastically reduce the tax burden so that taxes do not weigh down the lives and minds of the people," adding, "I will ease the burden of property tax, comprehensive real estate tax, capital gains tax, and acquisition tax exclusively for single-homeowners." She explained, "It should no longer be acceptable to punish and treat single-homeowners, who have nothing to do with speculation, as criminals through taxation."

She also stated, "I will significantly relax regulations such as safety inspections, aging, and floor area ratio to allow the continuous construction of the housing that people want." She said, "The floor area ratio will be relaxed to the level of residential areas in London and New York, but the profits from the increased floor area ratio will be reclaimed and used for community costs such as expanding youth housing and infrastructure in low-income residential areas."

She pledged, "I will greatly expand installment-type sale housing for youth and newlyweds." Yoon explained, "Installment-type sale housing allows buyers to pay part of the initial sale price at move-in and pay the remainder over 10 years, and I will significantly expand this."

Next, she said, "I will reconstruct old rental housing complexes to provide comfortable and good rental housing and greatly expand resources and efforts for rental housing management."

Finally, she emphasized, "I will greatly expand financial support for jeonse deposits and funds for purchasing a home." She announced plans to ease real estate loan regulations by expanding the loan-to-value ratio (LTV) up to 90% if the total debt service ratio (DTI) is within 60% and income is stable. Yoon added, "Since houses are so expensive that people have no choice but to buy with debt, real estate financial support is not an option but a necessity."

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