Dobong-gu Mayor Lee Dong-jin Joins Good Rent Support Policy Challenge

Expressing gratitude to benevolent landlords cooperating during COVID-19, urging more landlords to join... Participating as Standing Vice Chairman of the National Association of Mayors, County Chiefs, and District Heads to spread the good rent movement starting from local governments

[Asia Economy Reporter Jong-il Park] Lee Dong-jin, Mayor of Dobong-gu (Standing Vice Chairman of the National Association of Mayors, Governors and District Heads), announced his participation in the #ChakjiChallenge through SNS on the 24th.

This challenge, an abbreviation of the ‘Good Rent Support Policy’ and meaning the ‘settlement (Chakji)’ and ‘spread (Challenge)’ of the good rent movement, conveys a message to overcome the economic crisis by spreading the good rent movement starting from basic local governments.

Mayor Lee Dong-jin of Dobong-gu said, “It is regrettable that the pain of self-employed people seems to have reached an unbearable level due to the prolonged COVID-19 pandemic. I hope the Loss Compensation Act will be enacted soon, and even before that, I hope many landlords will actively participate in rent reductions to share the pain.”

He also revealed that this challenge is being carried out at the level of the National Association of Mayors, Governors and District Heads, where Mayor Lee Dong-jin serves as Standing Vice Chairman, and suggested, “In difficult times, let us extend a hand of solidarity to each other and cross the river of crisis ahead of us together.”

If landlords participate in the good rent movement and reduce rent, they can receive a tax credit of up to 70% of the reduced amount (up to 50% if comprehensive income exceeds 100 million KRW) starting from the 2021 tax year.

In addition to the tax credit, the government plans to implement support measures for good landlords, including inclusion in the small business management stabilization fund loan target, free electrical safety inspections, and extension of public sector rent reduction support.