The Transition Committee is Reviewing Various Options from Repealing to Scaling Down the Lease 3 Laws

President-elect Yoon Suk-yeol is leaving the transition committee office set up at the Financial Supervisory Service Training Institute in Tongui-dong, Seoul, on the 28th./Photo by Transition Committee Press Corps

[Asia Economy Reporters Kim Hyemin and Geum Boryeong] The Presidential Transition Committee (Transition Committee) stated on the 28th that various opinions have been presented regarding the so-called 'Lease 3 Acts,' ranging from abolition to narrowing the scope of application.

Won Il-hee, the Transition Committee's chief deputy spokesperson, said at the regular briefing in the afternoon, "During the Ministry of Land, Infrastructure and Transport's work report to the Economic Subcommittee 2, various reviews on improving the Lease Acts were conducted."

Deputy Spokesperson Won added, "There is a consensus on the need for institutional improvement under the awareness that the Lease 3 Acts are causing confusion in the market," and "The relevant subcommittee explained that the plan is to proceed step-by-step considering market conditions and legislative circumstances."

He further stated, "The Lease 3 Acts consist of the right to request contract renewal, the rent ceiling system for jeonse and monthly rent, and the reporting system. There is a clear awareness of the confusion caused in the market and a strong will for institutional improvement."

Meanwhile, Deputy Spokesperson Won also addressed the possibility of merging the Presidential Commission on Balanced National Development and the Autonomy and Decentralization Committee, saying, "That is too far-fetched and it is difficult to confirm specific facts," but added, "The direction itself is not significantly different, according to the relevant subcommittee."

He said, "The idea of reducing the number of many committees has been consistently raised, and there is a strong consensus within the Transition Committee on this direction," but added, "However, whether this necessity is selected as a national agenda by the Policy Subcommittee is a separate issue."

He also revealed that a plan to issue President-elect Yoon Suk-yeol's inauguration commemorative stamp in the form of an NFT (Non-Fungible Token) is under consideration.

Deputy Spokesperson Won said, "A practical staff member proposed the idea to try it once, and it is currently under review," adding, "Issuing it as an NFT is unprecedented." He continued, "The issuance of the inauguration commemorative stamp is being promoted by the Korea Post in accordance with tradition, and the Transition Committee is conducting practical consultations regarding timing, quantity, and design," but noted, "The design of the physical stamp must be finalized before deciding what kind of NFT to issue, and it is currently at the review stage."

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