The Democratic Party of Korea held a general meeting of lawmakers on the 13th, shortly after the government released its housing supply measures, to discuss real estate policy. At the meeting, worried voices were raised about the tax reform plan, including that "taxing nonresident single-home owners has no effectiveness." Some lawmakers showed little interest in the discussion itself and left early.
The Democratic Party held a general meeting of lawmakers at 1:30 p.m. at the National Assembly to discuss real estate policies including the tax reform plan. After hearing explanations on the housing supply plan and financial support plan the government released that day, as well as the tax reform plan, party lawmakers held an open discussion.
Lee Ju-hui, a Democratic Party floor spokesperson, met with reporters after the general meeting and said, "Lawmakers spoke freely. The point is not to oppose the government plan, but that supplementation is needed," adding, "We will do our best to complete a tax plan that does not make the public feel it is unfair."
However, lawmakers from Seoul districts, which are most closely tied to the real estate market, were said to have expressed strong concern about the reform plan, which would increase the tax burden on ultra-high-priced and nonresident single-home owners. They said the tax would be ineffective while the drop in approval ratings would be large.
In particular, lawmakers with districts in Seoul were visibly worried that "real estate public sentiment" would worsen ahead of the 23rd general election.
Kim Young-bae, a Democratic Party lawmaker, met with reporters and said, "There were far more views that we should raise property holding taxes for one household with two homes and nonresident single-home owners, while lowering capital gains taxes." Fellow party lawmaker Jun Hyun-hee also said, "One-home households are finding it hard to live in their own homes, so isn't it too harsh just because they are nonresident? They should be protected."
Lee Yeon-hee, the party's strategy and planning chief and a Democratic Party lawmaker, also reportedly said that "with more than 50 trillion won in additional semiconductor tax revenue coming in, pushing ahead with real estate taxation would bring heavy political losses. Taxing nonresident single-home owners has no effectiveness." Another Seoul district lawmaker said, "Complaints are pouring in from the district. This will lead to big trouble."
There were also calls to increase fiscal spending to supply dwellings. Kim Nam-geun, a fellow party lawmaker, said, "We should not just draw up many plans without spending a single won or expanding the Korea Land & Housing Corporation (LH)," adding, "We need to expand the organization and boldly inject fiscal resources. If the Seoul Metropolitan Government does not act, there must be a response to that."
Some lawmakers showed indifference to discussions on real estate policy. A Seoul district lawmaker walked out in the middle of the general meeting and said, "The content is too difficult. I'm not going back in." Several lawmakers left the meeting hall saying, "I don't own a home," and "There are no 4 billion won dwellings in our district."