Lee Jae-myung "Promote Diversification of Public Housing and Reduction of Private Housing Sale Prices"

5th Announcement of the 'Infinite Responsibility Real Estate Pledge'
Measures to Protect Ordinary Citizens and Actual Buyers, Expansion of Financial Support

[Image source=Yonhap News]

[Asia Economy Reporter Park Jun-yi] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, unveiled a real estate pledge to diversify public housing to expand residents' choices and introduce a price ceiling system for private housing to induce price reductions.

On the 9th, Lee announced his fifth 'Infinite Responsibility Real Estate' pledge on Facebook, promising to "lay a solid housing ladder for home ownership."

First, Lee stated, "We will supply a variety of public housing options that can be chosen according to affordability and preference."

He explained that the options to expand residents' choices include ▲'Rental Basic Housing' available for lifelong residence ▲'Building Sale-type Basic Housing' where the public owns the land ▲'Equity Accumulation Housing' where ownership shares are accumulated sequentially ▲'Anyone's Home,' where the sale conversion price is pre-determined and the house is rented for a certain period before sale ▲'Profit-sharing Housing,' where housing price increases upon moving are shared with the public.

He also promised to promote price reductions for private housing sales. The plan is to introduce the price ceiling system to the private sector and expand disclosure of sales costs to induce price reductions. He also mentioned easing floor area ratio and building height regulations to contribute to expanding housing supply.

He pledged to expand various policy mortgages to increase financial support for the homeless, low-income earners, and actual demanders.

Measures to protect low-income earners and actual demanders from rising interest rates were also presented. A loan conversion program will be established to switch high-interest variable-rate loans to low-interest fixed-rate loans, and management will be ensured to prevent damages caused by suspension of balance or jeonse loans. Plans to expand public guarantees, such as raising the loan limit for vulnerable groups' jeonse loans, were also added.

In particular, to support housing welfare for the youth, there is a plan to apply DSR (Debt Service Ratio) considering future income in the field.

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