Lee Jae-myung: "Increase Monthly Rent Deduction to Reduce Youth Housing Cost Burden"

[Asia Economy Reporter Jeon Jinyoung] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, announced on the 2nd, "We will introduce a carryover deduction that allows deductions for monthly rent payments up to 5 years prior."

On the same day, through Facebook, Candidate Lee announced his fourth 'Infinite Responsibility Real Estate Pledge' and revealed this policy.

He stated, "The proportion of monthly rent is gradually increasing due to changes in housing types. However, young people with fewer assets and lower incomes cannot keep up with the high monthly rent," and added, "We will significantly expand support for citizens living in monthly rental housing."

He pledged not only to introduce the carryover deduction but also to increase the monthly rent deduction rate. Candidate Lee emphasized, "We will raise the deduction rate so that at least two months' worth of monthly rent can be refunded," and "We will increase the deduction rate from 10-12% of the annual monthly rent amount to around 15-17%."

He continued, "We will relax the housing price criteria for deduction eligibility so that more tenants can benefit from the monthly rent deduction," adding, "We will expand the application from houses with a standard market price of 300 million KRW or less to those up to 500 million KRW."

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