People Power Party Announces Top 10 Local Election Pledges... Introduces Half-Price Jeonse and Supports Business Succession

Maximum Monthly Rent Tax Credit Raised from 17% to 22%

SME Succession Expanded to Include Third-Party and M&A Transfers

The People Power Party announced its top 10 pledges for the 9th nationwide local elections on May 11, 2026. The party aims to ensure housing stability through measures such as introducing half-price jeonse (long-term lease at 50% of the surrounding market price) and expanding tax credits for monthly rent. It also unveiled plans to prepare a special law that would broaden the concept of business succession from family succession to corporate succession in the process of passing down small and medium-sized enterprises.

The 10 pledges announced by the People Power Party on this day include: ▲ Realizing basic rights through stable housing ▲ Achieving a major economic leap forward by eliminating regulations and promoting new industries ▲ Guaranteeing the future of young people by restoring the ladder of opportunity ▲ Supporting the increase of real income and asset-building for workers ▲ Reviving regional economies by attracting companies and fostering talent in innovative ways ▲ Completing a comprehensive transportation network that reduces distances and increases convenience, among others.

The People Power Party stated its intention to guarantee the basic right to housing and restore social mobility by rebuilding the housing ladder. To reduce the burden of housing costs, the party proposes introducing half-price jeonse in Seoul and the metropolitan area, offering long-term lease housing at 50% of the surrounding market price. In addition, the eligibility for monthly rent tax credits will be expanded from a total annual salary of 80 million won to 90 million won, and the maximum tax credit rate will be increased from 17% to 22%. The deduction limit will also be raised to 20 million won.

The party plans to normalize the real estate market by securing sufficient housing supply. The reconstruction excess profit recovery system will be abolished, and the restrictions on the transfer of membership rights for redevelopment, reconstruction, and small-scale housing maintenance projects in overheated speculation zones will be temporarily relaxed. Benefits for long-term rental business operators will be revived and expanded. Furthermore, the party plans to apply the upper limit system for jeonse and monthly rents flexibly, reflecting regional and market conditions.

The People Power Party also pledged: ▲ Comprehensive and tailored welfare support for vulnerable groups, leaving no blind spots ▲ A major leap forward in the real economy by improving the structure of family businesses, local shops, and rural areas ▲ Fostering future talent by ensuring a fair starting point and restoring the ladder for social advancement ▲ Establishing Korea as a top-tier nation for safety that protects its people.

In particular, from the perspective of a major leap forward in the real economy, the party will promote the enactment of a special law on the succession of small and medium-sized enterprises. By expanding the concept of family succession to 'corporate succession,' the policy will encompass not only family succession but also third-party and mergers and acquisitions (M&A) succession. In addition, when selecting research and development (R&D) projects, the party will include 'expected employment creation effect' as a key evaluation criterion, thereby linking investment to job creation.