[Anchor]

As backlash grows over the government's real estate policies, including the tax reform plan, the Democratic Party met with government officials today (August 12) to conduct a comprehensive review. The party called for bold and swift housing supply while conveying the concerns of the younger generation to the government in an effort to appease public sentiment regarding real estate. Among the contenders for party leadership, a proposal even emerged calling for a complete overhaul of the tax reform plan.

Reporter Ha Jeongyeon has the details.

[Reporter]

The Democratic Party's Housing Market Stabilization TF held its first meeting to review overall real estate policies, including housing supply, taxation, and finance.

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

With the government scheduled to announce its housing supply plans and comprehensive financial measures tomorrow, the Democratic Party emphasized a "speed battle in supply" through measures such as vitalizing modular construction, noting that bottlenecks in housing supply persist in areas like Seoul and anxiety in the jeonse and wolse (lease and monthly rent) markets is growing.

[Han Jeong-ae / Policy Committee Chair, Democratic Party: Institutional improvements to increase the supply of non-apartment housing such as urban living housing or officetels that can be supplied within a short period, and raising the speed of supply boldly through the introduction of modular methods (are necessary).]

In the ensuing closed-door meeting, opinions were reportedly raised to specify the actual construction start dates for housing supply.

An attendee stated, "Instead of vague supply measures, there were demands to increase market trust by specifying how much earlier construction start dates will be brought forward and how many households will receive what benefits in financial support."

Regarding the tax reform plan, the Democratic Party repeatedly conveyed concerns to the government side that deep consideration must be given to market realities—such as the circumstances preventing "non-resident single-home owners" from residing in their properties inevitably—as well as the housing anxiety of the younger generation.

[Kim Young-bae / Democratic Party Lawmaker: We have conveyed various voices expressing concern regarding taxation, including cases of non-resident single-home ownership, and particularly the voices of young people.]

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

Meanwhile, Song Young-gil, a candidate running in the Democratic Party leadership race, 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 (KBS Radio 'Jeon-geuk Sisa'): Real estate, the general argument is not to touch these taxes.]

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

(Photo courtesy of Oh Young-chun, Kim Yong-woo | Video by Nam Il | Graphics by Lee Ga-jin)