TF Meeting Held to Calm Public Sentiment… Supply Measures to Be Announced Today

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The government will announce comprehensive financial measures today, including housing supply plans and total loan management. The Democratic Party held its first TF meeting to soothe agitated public sentiment regarding real estate.

Reporter Ha Jeongyeon.

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The first meeting of the Democratic Party's "Housing Market Stabilization TF," aimed at reviewing overall real estate policies including housing supply, taxation, and finance.

Government officials also attended, including Financial Services Commission Chairman Lee Eok-won and vice ministers from the Ministry of Finance and Economy and the Ministry of Land, Infrastructure and Transport.

As the government is scheduled to announce housing supply plans and comprehensive financial measures today, the Democratic Party emphasized a "speed war in supply" through measures such as revitalizing modular construction methods, noting that bottlenecks in housing supply continue in areas like Seoul and anxieties in the jeonse and monthly rent markets are growing.

[Han Jeung-ae / Policy Committee Chair, Democratic Party: "It is necessary to improve systems to increase the supply of non-apartments that can be supplied in a short period, such as urban lifestyle housing or officetels, and to drastically raise the speed of supply through the introduction of modular methods."]

In the closed-door meeting that followed, opinions were reportedly raised to specifically disclose the actual commencement timing of housing supply.

One attendee conveyed, "There were demands to increase market trust by specifying, instead of vague supply measures, how much earlier construction starts will be brought forward and how many households will receive what benefits from financial support."

Regarding tax reform bills, the Democratic Party repeatedly conveyed concerns to the government side that deep consideration must be given to market realities, such as the circumstances where "non-resident single-home owners" unavoidably cannot reside in their homes, as well as the housing anxiety of the younger generation.

[Kim Young-beom / Democratic Party Lawmaker: "We have conveyed all the various voices expressing concern regarding taxation, including cases of non-resident single-home ownership, and particularly these parts concerning the voices of young people."] (Note: Kim Young-bae)

There were also suggestions to expand "first-time homebuyer loans" for the younger generation and actual homebuyers, and to drastically increase the National Housing and Urban Fund for low-interest jeonse loans.

Meanwhile, Song Young-gil, a candidate running for the leadership of the Democratic Party, pointed to real estate policies as the cause of the decline in President Lee Jae-myung's approval ratings and conveyed public sentiment opposing the tax reform plan.

[Song Young-gil / Democratic Party Leadership Candidate: "Real estate—the general argument is not to touch these taxes."]

The Democratic Party decided to hold a general meeting of lawmakers today to gather consensus on the real estate tax reform plan and housing supply measures.

(Photo courtesy of Yonhap News)
(Video by Oh Young-chun, Kim Yong-woo | Video Editing by Nam Il, Design by Lee Ga-jin)
※ Please note: This article was translated by AI and may contain errors.