The People Power Party on the 29th, ahead of the June 3 local elections, announced regional and livelihood pledges including expanding the "1,000-won housing" nationwide, gradually easing the total debt service ratio (DSR) regulations outside the greater Seoul area, and broadening the criteria for the one-house-per-household special case in population-declining areas.
Party leader Jang Dong-hyeok held a pledge announcement ceremony at the National Assembly on the morning of the same day and said, "We will save Korea's regional economies and livelihoods with policies that open up rather than shut down, and that offer opportunities rather than punish," and stated accordingly.
Jang said, "First, we will resolve the polarization between the housing markets of the greater Seoul area and the provinces. In the capital region, there are no homes to live in; in the provinces, there are too many vacant homes," adding, "We will expand the 1,000-won housing that succeeded in Incheon nationwide." To that end, he said the party will also push together half-price jeonse, childbirth-linked housing loan programs, expansion of the monthly rent tax credit, and greater monthly rent support for young people.
As a concrete measure to revitalize provincial real estate, he said, "We will gradually ease DSR regulations to raise the loan limit and expand opportunities for end users to purchase dwellings," and added, "We will also actively push a plan to exclude unsold provincial dwellings purchased from the count of owned dwellings."
He went on, "For those who buy homes in the provinces for actual residence, we will dramatically expand the loan-to-value (LTV) ratio up to 90%," and said, "If you purchase dwellings in population-declining areas or areas of concern for population decline, we will codify applying the one-house-per-household special case."
Jang said, "We will introduce a domestic production promotion tax system (Korea-style IR) Inflation Reduction program to protect the production base of domestic manufacturing and create 100,000 jobs," explaining, "The Korea-style IRA is a market-friendly incentive system that protects the domestic production base through a new form of tax support linked to production."
He also said, "We will enact a tentative 'special act on succession of small and midsize enterprises' to institutionally support business succession for small and midsize companies whose managers are 60 or older and have operated for more than 10 years," adding, "We will establish grounds for reductions in capital gains and acquisition taxes, support brokerage expense incurred during succession, and at the same time provide financial support such as loan and guarantees."
Jang said, "We will provide practical help to small and midsize enterprises and micro business owners by reducing road occupancy fees," adding, "We will pursue differential reductions in road occupancy fees taking into account the share of non-tax revenue for each local government."