[기자수첩]This time, you are paying special measures Please leave it to the market

▲ Housing Rights Network officials are holding a press conference in front of the Seoul Government Complex on the 19th,’opposing measures to promote speculation and supplying measures to stabilize housing for the common people’.

President Moon Jae-in declared at a New Year’s press conference that he would come up with a’special’ measure to stabilize the real estate market. It is a remark that the current government has admitted that the 24 bold real estate measures have failed, so it draws attention to what special measures will come.

This countermeasure is expected to turn the policy direction toward expanding supply, freeing from speculative deterrence, which is subject to the existing regulations. President Moon said, “The level expected by the market through public redevelopment, station area development, and drastic development of new residential lands in a way that increases participation and initiative of the public sector, strengthens incentives, and significantly shortens procedures in the metropolitan area, especially in Seoul. “We will specifically increase the supply of real estate beyond that.”

In a joint briefing with real estate-related ministries held immediately after the New Year’s press conference, the government presented a clear supply signal, saying, “The best way to relieve the difficulty of building a home for the homeless while effectively responding to the unrest in the housing market is to expand the housing supply.”

However, criticism is pouring out that it will be a countermeasure for’Rehident’ and’Samtang’, which repeats only the previously disclosed measures such as pre-subscription for the 3rd new city, public redevelopment and reconstruction, and high-density development in the station area or downtown.

Earlier, the government announced that it would supply 50,000 households over the next five years through high-density public reconstruction in the ‘8·4 supply plan’ last year. However, when I opened the lid, there were less than 3,000 households that expressed their intention to participate in public reconstruction.

In this supply plan, the company announced that it would supply more than 16,000 households by 2028, saying that’equity-saving pre-sale houses’ is an alternative to lotto sales. Equity-equipped housing is an installment payment system in which tenants acquire 20-25% of their shares in land and buildings at the time of the first sale and pay off slowly. It has the advantage of providing a home with a small initial cost.

However, this is also similar in structure to the’installed rental apartments’ introduced in Bogeumjari Housing in 2008, the early days of the MB government. When you first pay 30% of the pre-sale price and move in, you pay 20% after 4 years, 20% more after 8 years, and the remaining 30% after 10 years. The plan was abolished in the middle as the situation of public corporations, which had to bear the financial burden at the time, became difficult and the global financial crisis overlapped.

The concept of pre-sale housing by the land rental department that came out during the Roh Moo-hyun administration is similar to that of equity-invested rental housing. Tenants pay only the building price and rent for the land, thereby reducing the initial burden of tenants. However, although 389 households were sold as a pilot project, the number of actual contractors was only 27, which ended in failure.

In the market, we want to include deregulation policies such as the redemption of excess profit for reconstruction and the delay of the pre-sale price limit. In fact, after the sale price ceiling system was implemented at the end of last year, the supply of housing in downtown Seoul was cut off due to’low business efficiency’.

In addition, the government clarified its policy to continue the reinforcement of the detailed bill of condemning multi-homed people in the joint briefing. Given the intensified capital gains tax, it became an inevitable option for multi-homed people to choose donations rather than sell their homes.

Despite this situation, the government maintains the regulatory stance and emphasizes only special measures. If this happens, in the end, we will not be able to take a step further from the public-oriented housing supply.

The current market does not want special and excessive measures. Most people expect the housing market to stabilize even now through policies that fit the market trend.

It seems that it is a task that the government should carry out now, rather than overcoming countermeasures.