Hong Ji-sun, nominee for Minister of Land, Infrastructure and Transport, stated today (the 14th) regarding the government's tax reform plan to increase the tax burden on owners of high-priced homes and non-residing single-home owners, "I agree with the direction of this real estate tax reform to form a housing market centered on actual residence and normalize real estate taxation."

In written response materials submitted to the National Assembly's Land, Infrastructure and Transport Committee ahead of her confirmation hearing today, Nominee Hong said, "Real estate tax reform is an issue that needs to be reviewed by closely considering various aspects such as fair taxation, tax equity, and the impact on the housing market," expressing her stance as such.

She also stated, "Since housing is a limited resource, it needs to be supplied preferentially to actual demanders," adding, "As the current lease market structure relies excessively on individual multi-home owners, I believe we should pursue the continuous expansion of public rental housing and support for corporate-type rental businesses to secure housing stability for homeless ordinary citizens."

Regarding a question on whether easing regulations on redevelopment and reconstruction is necessary to expand housing supply in Seoul, Nominee Hong offered her view that "while it is necessary to ease excessive or unreasonable regulations on reconstruction and redevelopment to expand housing supply within urban areas, it is also necessary to examine the impact of easing regulations on the housing market so that the expansion of supply and market stability can be pursued in harmony."

As for ways to reduce the time lag between the government's supply plan announcement and actual supply, she said, "Thorough project management, such as shortening the construction kickoff and approval periods and prompt execution of compensation, is the key," and added, "To implement the shortest-term construction kickoff model, the amendment to the Special Act on Public Housing—which allows compensation plans to be announced once a district is designated even before the basic survey is completed—should be promptly pursued."
 
(Photo: Yonhap News)