The Democratic Party of Korea moved to soothe public sentiment on real estate ahead of the government's announcement of real estate measures. At the party level, it expanded and reorganized a task unit dedicated to the dwellings market and reviewed real estate policy overall. It also decided to soon convene a general meeting of lawmakers to discuss plans to revise the real estate tax system.
The Democratic Party task force for stabilizing the dwellings market held its first meeting at the National Assembly Members' Office Building on the afternoon of the 12th and reviewed real estate policies with government officials. From the party, Acting Party Leader and Floor Leader Han Byeong-do, Policy Committee Chair Han Jeong-ae, and Senior Deputy Floor Leader for Operations Cheon Jun-ho attended; from the government, Financial Services Commission Chair Lee Eog-weon, First Vice Minister of the Ministry of Economy and Finance Lee Hyeong-il, and First Vice Minister of the Ministry of Land, Infrastructure and Transport Kim Ei-tak attended.
Floor Leader Han said, "President Lee Jae-myung ordered us not to cling to existing mindsets but to make transformative judgments and act boldly, so the party and government will build an even tighter cooperation system," adding, "as early as tomorrow (the 13th), the Ministry of Land, Infrastructure and Transport (MOLIT) will announce a plan for the swift supply of dwellings, and the Financial Services Commission (FSC) will unveil comprehensive financial measures."
He went on, "We will also strengthen the Democratic Party's longstanding value of housing welfare and restore the housing ladder. With supply in words only and wasteful political strife, we cannot achieve stability in people's housing," adding, "the People Power Party claims that the solution to stabilizing the real estate market is supply, yet it is blocking follow-up bills for the government's supply measures. It's absurd inconsistency between words and deeds."
Han, the Director General heading the TF, said, "In Seoul's dwellings market, supply bottlenecks have persisted for a very long time. Due to the supply shortage, instability in the jeonwolse market is also growing," adding, "whether the People Power Party launches a filibuster in August or does something else, we will make sure to handle the Urban Renewal Act, the Special Act on Public Housing, and the Special Act to Revitalize Aged Public Office Buildings corresponding to the Sept. 7 package."
He added, "If the People Power Party at least agrees on the need to prepare supply measures, we strongly urge it to cooperate in passing the bills that lay the foundation for dwellings supply," and said, "starting with its first meeting, the TF will broadly review pending issues across the dwellings market, including expanding dwellings supply and related tax systems."
Within the Democratic Party, there is a growing mood that links the recent decline in the president's approval rating to real estate issues. In particular, concerns are mounting within the party over projections that tax burdens on "non-resident single-home owners" and hardships in the jeonwolse market will intensify.
The Democratic Party plans to hold a general meeting of lawmakers on the 13th to gather opinions on real estate policy and tax revision plans. Lawmakers from Seoul constituencies will hold a real estate policy response meeting at the Seoul Metropolitan Council on the same day.