The Democratic Party announced on August 11 that the government plans to unveil housing supply measures and financial policies on Thursday, August 13.
Kim Han-kyu, the party's floor policy chief, stated during a meeting at the National Assembly, "I believe the government has thoroughly considered measures to stabilize the rental market." He added, "The Democratic Party will continue to listen to the public's opinions after the government's announcement and will communicate closely to make necessary adjustments."
He emphasized, "There is an urgent need for real estate measures that can reassure the public. The most anxious group right now is the tenants. Due to stricter residency requirements for tax benefits, landlords are being forced to vacate their properties, which could lead to rising rental prices due to decreased supply in the rental market."
Kim further stated, "The only way to overcome this situation is through supply, and both financial and tax policies must focus on supply. The government needs to devise plans to ensure sufficient rental units across all types of housing, including apartments, non-apartments, and semi-housing. There is a particular need to focus on non-apartment supply, which has significantly decreased following rental fraud incidents."
He also noted that "financial support for suppliers, regulatory relief, and tax benefits are all necessary. Since the National Assembly's Land, Infrastructure and Transport Committee, the Political Affairs Committee, and the Finance Committee are all involved, the Democratic Party will coordinate efforts through the housing market stabilization task force, which will hold its first meeting on August 12. Additionally, the party plans to hold a general meeting on August 13 to explore solutions for the real estate market."
Moreover, Democratic Party member Kim Young-bae appeared on SBS Radio's 'Kim Tae-hyun's News Show' on the same day, stating, "There are many concerns regarding financial support related to loans and real demand. The government is expected to announce financial measures on August 13, and we must closely examine those and actively make adjustments if necessary."
* This article has been translated by AI.
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