[Anchor]

Real estate policies were also discussed in the National Assembly. Lawmakers from both ruling and opposition parties raised concerns that the burden of holding taxes could be passed on to relatively vulnerable tenants or further fuel a crunch in the jeonse (lump-sum housing deposit) and monthly rent markets.

[Reporter Park Chan-beom]

At a plenary session of the Land, Infrastructure and Transport Committee of the National Assembly yesterday afternoon.

A significant number of lawmakers from both sides expressed concerns that if the government's tax reform bill increases the tax burden on non-resident single-home owners, it could lead to the transfer of burdens onto tenants or an increase in tenants being forced out, ultimately driving up jeonse and monthly rent prices.

[Kim Mi-ae / People Power Party lawmaker: What should homeowners do who can neither live in the home nor sell it? They might reflect the increased tax burden in their rents.]

[Kang Deuk-gu / Democratic Party lawmaker: If non-resident single homes are regulated, owners must either actually live in the house or sell it. From the tenant's perspective, a situation arises where they have to vacate the home.]

Regarding criticisms that the comprehensive real estate holding tax burden would increase significantly for non-resident single-home owners who own property under joint spousal names, Minister of Land, Infrastructure and Transport Kim Yoon-deok replied that if joint-name taxation is disadvantageous, taxpayers can choose to apply the special exemption for single-home households.

[Kim Eun-hye / People Power Party lawmaker: The President has also encouraged marriage, so shouldn't this obstacle be removed as well?]

[Kim Yoon-deok / Minister of Land, Infrastructure and Transport: I understand that the special exemption for single-home owners can be applied.]

There was also criticism that the so-called marriage penalty—where low-interest policy loans actually lower the combined annual income threshold upon marriage, disqualifying couples from receiving loans—needs to be improved.

[Mo Kyung-jong / Democratic Party lawmaker: The standard for newlyweds is an annual income of 85 million won or less. The standard for an individual was 60 million won, and the reality is that it is actually decreasing.]

Regarding the shortage of housing supply in Seoul, the ruling and opposition parties engaged in a blame game.

[Kim Nam-geun / Democratic Party lawmaker: Seoul Mayor Oh Se-hoon failed to manage construction commencements. With this happening continuously for four years, how can housing supply go well?]

[Kim Jeong-jae / People Power Party lawmaker: During the 10 years of former Seoul Mayor Park Won-soon, some 400 redevelopment and reconstruction zones were canceled.]

Minister Kim expressed regret over the recent simultaneous rise in housing sales and jeonse and monthly rent prices, stating that the government will increase real estate supply in the capital region even if it means lifting greenbelt restrictions.

(Photo: Lee Seung-hwan, Shin Dong-hwan | Video Editing: Nam Il)