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, focusing on housing policy and other issues impacting people's livelihoods. This meeting marked the first time it was held at Prime Minister Han Seong-sook's official residence since the election of Kim Min-seok as DPK leader last Monday.

Kim addressed the ongoing controversy surrounding the government's efforts to boost housing supply in the Seoul area and the associated tax code revisions. He emphasized the need for further deliberation on the proposal to increase taxes on single-home owners who do not reside in the property, proposing to lower their basic deduction for the comprehensive real estate holding tax from 1.2 billion won to 900 million won.

DPK leader Kim stressed the importance of acknowledging the various reasons preventing individuals from living in their properties and eliminating blind spots in this policy. Presidential chief of staff Kang Hoon-sik highlighted the significance of clear signals, such as the timing, location, and quantity of housing developments.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.