[Anchor]
President Lee Jae-myung pointed out that the preference for so-called "one high-value home" has "caused serious problems in society." He also stated that if the holding tax had been normalized in the past, housing prices would not have risen to this extent.
Here is a report by Park Yerim.
[Reporter]
President Lee Jae-myung gave this response yesterday morning during a live-broadcasted "National Open Debate on Real Estate Policy" when an attendee asked what the government's real estate policy objectives are.
[Yang Ji-young / Private Real Estate Expert: Is the goal market stabilization, a drop in housing prices, or regulations on gap investing or multiple-home owners?]
[President Lee Jae-myung: To put it briefly, my thought is not to force prices down.]
President Lee added that the goal is not to ignore market order and control prices, but rather to prevent housing prices from being formed incorrectly due to abnormal supply and demand.
Regarding the phenomenon of owning a single high-priced apartment, the so-called "one high-value home" trend, he pointed out, "It has caused serious problems in our society," adding, "Rather, it has created an opportunity for efficient speculation."
[President Lee Jae-myung: We should respect and protect the one-household, one-home ownership. But because we treated them all the same regardless of whether they were expensive or cheap, it enabled people to efficiently buy one home and reap investment profits.]
The debate also touched on how high the property value should be to subject ultra-high-end homes to a heavier holding tax burden.
[Jung Se-eun / Professor of Economics, Chungnam National University: So, up to about twice the national average. (Should we consider homes priced at 1 billion won or more as ultra-high-end?) Yes, that's right.]
Counterarguments against the strengthening of taxes itself were also raised.
[Kim In-man / Real Estate YouTuber: By hitting ultra-high-end homes, will apartments priced under 1.5 billion won stabilize? If you hit non-residents and multiple-home owners, ultimately those people end up squeezing tenants...]
President Lee stated that the degree and scope of strengthening the holding tax are important, and since housing price issues are fatal when they blow up, preparations must be made even if it means incurring political losses.
[President Lee Jae-myung: If we had normalized the holding tax in the past, prices would not have risen to this extent.]
President Lee also mentioned that granting unlimited capital gains tax reduction benefits to single-home owners seems problematic, raising potential measures such as limiting the number of times or the total amount.
(Video reporting: Jung Sang-bo, Ha Ryung | Video editing: Wi Won-yang)
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