The Democratic Party of Korea named Policy Committee Chair Han Jeong-ae as Director General of the "task force (TF) to stabilize the housing market," which will discuss follow-up measures to the Oct. 15 real estate package. The TF plans to focus discussions on additional supply measures for dwellings rather than on tax system overhauls such as adjusting property holding taxes.
Democratic Party spokesperson for the floor Kim Hyeon-jeong met with reporters on the 21st after a strategy meeting on the National Assembly audit and said, "Regarding the real estate package, we will report the 'TF to stabilize the housing market' to the supreme council tomorrow (the 22nd) and put it to a vote," adding, "The Director General will be the policy committee chair."
The TF will consist of a total of five Commissioners, and lawmakers with expertise in real estate policy who are at least in their second term, including Rep. Bok Gi-wang, the ruling party secretary of the National Assembly Land Infrastructure and Transport Committee, are expected to take part.
Considering the sensitivity of the real estate market, the party plans to keep TF discussions closed to the public. Floor spokesperson Kim explained, "The TF will not discuss tax system overhauls," and "we will mainly focus on discussions that emphasize supply measures and market stabilization." Kim added, "If made public, in-depth discussion would be limited, so we are considering operating it as privately as possible."
The Democratic Party's launch of a TF headed by the policy committee chair as Director General is seen as a move reflecting the controversy over "harm to end users" raised after the Oct. 15 package and internal calls for additional supply. Earlier, on the 17th, Supreme Council member Jeon Hyeon-hee stressed, "To resolve market confusion and protect end users such as young people and low-income residents, an effective supply plan that provides quality dwellings at reasonable prices must go together." Supreme Council member Lee Eon-ju also said, "A strong supply plan must, without fail, proceed swiftly and concretely in parallel."