KORPresident Lee Jae-myung pointed out that a supply cliff has persisted since 2022 and ordered an all-out, across-the-board effort to boost housing supply. The Democratic Party also vowed to speed up legislation to expand supply. However, a growing number of Democratic lawmakers are voicing concerns regarding the government's tax reform bill.
Reporter Park Yerim has the details.
During a senior secretaries meeting held at the Cheong Wa Dae today (the 13th), President Lee Jae-myung stated, "Real estate is a core issue that has a profound impact on almost every part of our society," adding, "We must concentrate all available means and capabilities to resolve it."
[President Lee Jae-myung : An organic combination of unconventional and fast-paced supply, a fair and rational tax system, and detailed, robust financial policies is more essential than ever.]
Regarding the housing supply shortage, he added that a "supply cliff" has continued from 2022 to the present, requiring extraordinary efforts.
[President Lee Jae-myung : We must launch an all-out, all-directional war for supply. We must secure building sites in an unprecedented manner, unrestrained by existing regulations, and even amend laws and systems if necessary to drive supply forward.]
Regarding the real estate tax reform proposal, he repeatedly called for policy flexibility, asking officials to "boldly gather opinions from the public, experts, the opposition party, and the political circles."
President Lee also pointed out the irrationality of the "marriage penalty," where married couples actually face disadvantages in loans and taxes compared to when they were single.
The Democratic Party responded to the government's stance on expanding supply, pledging prompt legislative support.
However, concerning the government's tax reform bill, demands for revisions poured out from lawmakers during a closed-door general meeting of party members.
[Lee Joo-hee / Democratic Party Floor Spokesperson : Regional lawmakers noted that there is a need to fully consider the realities regarding issues specific to their regions....]
A senior lawmaker representing a district in Seoul expressed the stance that "single-home owners residing in their properties must be protected, but making exceptions just because a property is non-residential is harsh."
Some lawmakers argued that the long-term holding special deduction system should remain as it is, rebelling against the government's plan to gradually phase out "tax benefits based on holding period." Others complained that many local constituents are protesting the tax reform bill as a tax hike, while some expressed deep frustration, warning that if the government's plan cannot be revised in the National Assembly and goes through as is, "it will be a total disaster."
(Photo courtesy of Yonhap News) (Video by Ha Ryong and Yoon Hyung, Video Editing by Jeon Min-gyu, Design by Kang Yoon-jung)
※ Please note: This article was translated by AI and may contain errors.
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