The Democratic Party of Korea is deliberating enhancements to the government's real estate tax reform plan while also aiming to expedite supply measures.
Kim Young-bae, head of the party's Seoul chapter, spoke to reporters on the 21st after a meeting of the Housing Market Stabilization Task Force, stating, "Today, we gathered each other's opinions." This move is seen as an effort to bridge differences that arose within the party following the government's announcement of the tax reform plan. The Democratic Party has indicated that since the tax reform plan will be sent to the National Assembly for amendments, discussions will continue to formulate supplementary measures.
Additionally, the party is working on swift supply measures. With the government advocating for a 'supply now' approach, they are seeking reasonable solutions.
Particularly, the party is grappling with supply issues in the Seoul area. The government announced on the 13th that it would supply over 230,000 housing units in the metropolitan area, but only 1,000 units are planned for the Yeomchang Park area in Gangseo District, Seoul. The main opposition party, People Power Party, has criticized this as a mere illusion.
Some experts have analyzed that this indicates a lack of available land in Seoul. Consequently, the Democratic Party has proposed utilizing the Yongsan Park site through amendments to the Yongsan Park Creation Special Law to supply housing.
The Yongsan Park Creation Special Law was enacted during the Roh Moo-hyun administration in 2007, which stipulates that the land cannot be used for purposes other than park development.
However, the Democratic Party argues that nearly 20 years have passed since the law was enacted, and with the increase in one- and two-person households, it should be revised to reflect current trends. They plan to utilize areas that have lost their green space function rather than the entire site.
In contrast, the People Power Party opposes the amendment. In response, Kim plans to meet with Seoul Mayor Oh Se-hoon, a member of the People Power Party, on the 22nd to discuss the matter.
On the 20th, both parties postponed the processing of the Yongsan Park Creation Special Law and other real estate supply bills. It is reported that they will decide on the processing after observing the meeting between Mayor Oh and Minister of Land, Infrastructure and Transport Kim Yoon-deok, as well as Kim's meeting with other party members. If discussions gain momentum, the bills could be processed as early as the 26th in a plenary session.
Additionally, Democratic Party lawmakers from the Seoul chapter held a meeting the previous day to discuss measures for youth housing issues, expressing their intention to use additional tax revenue generated from the semiconductor boom for youth housing supply. They believe that the additional revenue is expected to continue for several years, making it feasible.
* This article has been translated by AI.
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