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

The government and the ruling Democratic Party of Korea (DPK) convened a high-level policy coordination meeting on Sunday to deliberate on housing policy and various issues impacting citizens' well-being. This gathering took place at the official residence of Prime Minister Han Seong-sook for the first time since the recent election that saw Kim Min-seok ascend to the position of DPK leader.

During the meeting, Prime Minister Han addressed the contentious issue of increasing housing supply in the metropolitan Seoul region, as well as the associated adjustments to the tax code. He emphasized the necessity for further deliberation on the proposed tax increase, which aims to impose higher taxes on single-home owners who do not reside in the property. The revised policy would entail reducing the basic deduction for the comprehensive real estate holding tax from 1.2 billion won to 900 million won.

DPK leader Kim Min-seok stressed the importance of acknowledging the diverse underlying reasons why individuals may not live in their property and eliminating any blind spots. Presidential chief of staff Kang Hoon-sik underscored the significance of conveying clear signals, including the timing, location, and quantity of government interventions.