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At a press conference held at the National Assembly on the 13th, Kim Jong-in, chairman of the emergency countermeasures committee, said, “The current real estate turmoil was not caused by a’market failure,’ but a’policy failure’. I’m more jailed.”
Chairman Kim, who urged the government and the ruling party to △change the perception of ideological approach, △to change the policy stance △to amend the 3rd lease law, which had been legislated quickly, suggested measures to normalize real estate centered on Seoul.
First of all, it is a policy to promote the existing city center through high-density and high-rise development by activating the reconstruction and redevelopment projects that were stopped due to various regulations.
Chairman Kim said, “The Moon Jae-in administration and the late Mayor Park Won-soon have artificially prevented reconstruction and redevelopment despite the rapid deterioration of downtown Seoul, resulting in an imbalance in the supply and demand of new housing.” About 250,000 homes a year were poorly supplied. It is necessary to radically loosen regulations, such as raising the floor area ratio standard and adjusting the safety diagnosis standard.”
It also announced plans to induce locked products to appear in the market by easing the tax burden, such as significantly increasing the supply volume by securing large-scale urban housing sites and abolishing the heavy capital gains tax system.
In addition to measures to supply quality housing, it also proposed to relieve the chronic traffic problem. The idea is to disperse traffic by installing a large roundabout in the basement of Yongsan Park, the center of Seoul. In addition, it plans to fundamentally improve the public price system that causes a’tax bomb’, and improve the total debt repayment ratio (DTI) and home mortgage loan ratio (LTV) regulations to support the purchase of homeless homes.
On the other hand, the passport, which suffered measles due to controversy over the transfer tax and suspension, seems to be more cautious.
The’Transfer Tax Relief Card’ was triggered by the remarks of Deputy Prime Minister Hong Nam-ki recently, and then the Democratic Party’s leadership has evolved and sank under the water, saying it is different from the policy stance.
Supreme Commissioner Roh Woong-rae said at the Supreme Council on the day, “It is absolutely necessary to have a firm signal from the government that real estate does not turn into money by thoroughly redeeming the market capitalization of real estate. In particular, he emphasized repeatedly that the heavy duty of the transfer tax for multi-homed people must be achieved.”
However, he suggested that “property tax, which is an unrealized profit, can reduce disposable income and cause an economic downturn, so it is necessary to adjust the speed appropriately.”
Parliamentary Chairman Park Byeong-seok, who was prevented by the new Minister of Land, Infrastructure and Transport, Byun Chang-heum, also pointed out that “there is considerable concern in that the talk of easing capital gains tax is not a signal to the market.”
“If there is an expectation that the policy may change due to the election, we cannot expect the stability of the market,” he said.