Sim Sang-jung "Introduce Housing Ownership Cap... Limit Ownership to Three or More Houses"

"Mandatory Rental Business Registration for Owners of 3 or More Houses"
"High-Ranking Officials Allowed Only One House"

[Asia Economy Reporter Oh Ju-yeon] Sim Sang-jung, the presidential candidate of the Justice Party, announced on the 21st that she will strictly recover unearned income from real estate by introducing a land excess profit tax and a housing ownership limit system.

[Image source=Yonhap News]

On the same day, Candidate Sim held a press conference at the National Assembly Communication Office and said, "Private profit-seeking through land must be strictly controlled through taxation," adding, "I will reintroduce the land excess profit tax."

She promised, "For land owned without a specific purpose, an excess tax of 50% will be imposed on the increase in land price to encourage putting the land on the market, and the state will purchase it to increase its utilization for public purposes." She also stated that the status of land ownership will be regularly disclosed every three years, and a "National Land Data System" managed comprehensively by the National Tax Service will be established.

Candidate Sim also emphasized that to recover unearned income from real estate, a housing ownership limit system will be introduced to strictly regulate multi-homeowners who exist for speculative purposes.

Candidate Sim pledged, "Two homes will be subject to heavy taxation, and ownership of three or more homes will be restricted," adding, "For those owning three or more homes, rental business registration will be mandatory, and the mandatory rental period will be extended from the current 10 years to 25 years." She continued, "The capital gains tax exemption, which effectively recognizes unearned income under the pretext of one household one home, will be strictly limited," and said, "In the future, capital gains from housing transfers will be limited to once in a lifetime, and a capital gains tax exemption ceiling system will be introduced."

Along with this, she plans to strengthen holding taxes to achieve tax equity and price stability. Candidate Sim explained, "The comprehensive real estate tax threshold for one household one home will be restored from 1.1 billion KRW to 900 million KRW, and the highest tax rate of 0.7% for separately aggregated land will be raised to 1.6%, the level during the Roh Moo-hyun administration."

She also said that the number of houses allowed for all high-ranking public officials will be limited to "one home." Candidate Sim criticized, "According to the property details of public officials announced in June this year, as many as 35.5% of senior officials in ministries such as the Ministry of Land, Infrastructure and Transport, Ministry of Economy and Finance, and the Bank of Korea, which decide and execute real estate policies, are multi-homeowners," and said, "I will definitely revise the 'Public Officials Ethics Act,' which I have already proposed, to legally limit high-ranking public officials with policy decision-making power to owning one home." Additionally, she announced that real estate transactions of all elected public officials will be disclosed to prevent conflicts of interest and to block the influence of officials' interests on real estate policies.

Candidate Sim emphasized, "I will dismantle the real estate speculation republic and steadfastly pursue real estate policies for the common people without homes."

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