Kim Min-seok, the leader of the Democratic Party, emphasized on August 23 that the government should ensure that any reforms to the long-term holding tax exemption (long-term holding special deduction) do not adversely affect the rental market. He made these remarks during a high-level party-government meeting, his first since taking office as party leader.
At the 10th high-level party-government meeting held at the Prime Minister's residence in Samcheong-dong, Seoul, Kim acknowledged the government's proposal to abolish the long-term holding tax exemption as having a positive aspect in promoting a real residence-centered housing market. However, he cautioned that any changes should be carefully monitored to avoid negative repercussions on the rental market.
Kim also called for the government to recognize a variety of reasons for non-resident homeowners to ensure they are not adversely affected. He stated that there needs to be in-depth discussions regarding the government's plans to adjust the comprehensive real estate tax exemption amounts and raise the tax burden cap to 200%.
He highlighted that the proposed reforms to real estate taxation and housing supply in the metropolitan area are of significant public interest, and he pledged to engage in vigorous discussions with the government to establish policies that benefit the public.
Furthermore, Kim stressed the necessity for aggressive expansion of housing supply in the metropolitan area to ensure residential stability for citizens, promising that the party would actively support these efforts.
He stated, "We must mobilize all available means and methods to secure land and expand real estate supply," adding that the party will focus on legislative activities to expedite approval processes and eliminate various regulations to enhance the speed of real estate supply.
* This article has been translated by AI.
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