Choi Jae-hyung Announces Real Estate Pledges... Supply of 2 Million Housing Units and Loan Regulation Easing

People Power Party's presidential primary candidate Choi Jae-hyung is presenting his policy vision on real estate on the morning of the 26th at the election camp in Yeouido, Seoul. (Photo by Yonhap News)

[Asia Economy Reporter Kum Bo-ryeong] Choi Jae-hyung, former head of the Board of Audit and Inspection and a presidential candidate of the People Power Party, raised his voice for the "normalization of the real estate market." To this end, he proposed pledges such as reexamining regulations including the three lease laws, supplying more than 2 million housing units, and easing loan regulations.

On the morning of the 26th, Choi held a press conference at his presidential campaign office in Yeouido, Yeongdeungpo, Seoul, stating, "The vision for real estate policy is to create a 'Republic of Korea where the dream of owning a home is realized by restoring the housing ladder.'

He said, "We can no longer overlook the chaos in the real estate market caused by the Moon Jae-in administration," adding, "Policies that stigmatize the public as 'speculators' must be thoroughly reexamined. We must minimize unnecessary state interference and control to restore a healthy order in the real estate market."

Choi plans to completely review anti-market regulations including the three lease laws to reform regulations, and reform real estate-related taxes such as comprehensive real estate tax, property tax, and capital gains tax. He also proposed clarifying the standards for official land price assessments and transferring the authority to determine official prices to local governments.

He explained, "We will ease loan regulations by raising the loan-to-value ratio (LTV) and abolish excessive administrative regulations such as the capital procurement plan and land transaction permits, and resolve reverse discrimination against foreigners in real estate transactions."

He also pledged to supply more than 2 million housing units during his term. He said this would be possible by easing redevelopment and reconstruction regulations and developing public land. For private rental business operators, he plans to expand incentives to revitalize the private rental housing market and raise the location and quality of rental housing to the level of private sale housing to eliminate prejudice.

To ensure housing stability by social class, he also created policies necessary for youth, newlyweds, and elderly homeowners with one house. Choi said, "We will grant floor area ratio incentives for national and public land, redevelopment, and reconstruction projects and supply donated houses cheaply to young couples and newlyweds," adding, "We will supply land leasehold houses to youth and newlyweds at half the price of private sale housing."

He continued, "We will ease the burden of comprehensive real estate tax and property tax for elderly homeowners with one house," and "We will relax the requirements for joining the housing pension to guarantee the stable old-age life of more elderly people."

In addition, Choi plans to block insider corruption by disclosing information such as real estate development plan reviews and enhance public service ethics to improve transparency and fairness in the housing market.

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