Gov't, ruling party discuss housing policy at high-level meeting

On August 23, the South Korean government and ruling Democratic Party convened a high-level meeting at Prime Minister Han Seong-sook's official residence to discuss housing policy and other concerns impacting citizens' well-being. This was the first such gathering since last Monday's election, in which Kim Min-seok, former Prime Minister, assumed leadership of the Democratic Party.

Kim Min-seok addressed criticism regarding the government's aim to boost housing supply in the Seoul metropolitan area and the proposed tax code changes associated with it. He emphasized the necessity for further discussion on the plan to raise taxes on single-home owners who do not reside in the property. The government plans to decrease the basic deduction for the comprehensive real estate holding tax from the current 1.2 billion won to 900 million won.

DP leader Kim proposed that society acknowledge the various unavoidable reasons for not living in a property and eliminate any misunderstandings. Meanwhile, Presidential Chief of Staff Kang Hoon-sik stressed the significance of delivering clear signals, such as the timing, location, and quantity of units to be constructed, to alleviate public concerns about housing supply.

Kang urged the party's local leaders to utilize their community knowledge to propose solutions for obtaining land for housing construction in the immediate future. He assured that the government and Cheong Wa Dae would thoroughly review these suggestions.