Assemblyman Kim Du-kwan: "Give Priority Sale Rights to Tenants of Publicly Supported Private Rental Housing"

Proposed Amendment to Prioritize Priority Sale to Homeless Tenants in Case of Sale Conversion

Assemblyman Kim Du-kwan is proposing an amendment related to the conversion of public-supported private housing sales. (Photo by Kim Du-kwan's Office)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Sharon] On the 3rd, National Assembly Planning and Finance Committee member Kim Doo-kwan (Yangsan-si Eul) announced that he has proposed a partial amendment to the "Special Act on Private Rental Housing" that requires priority sale to non-homeowner tenants residing in public-supported private rental housing when converting to sale.

Public-supported private rental housing refers to private rental housing constructed or purchased by rental businesses with public support such as housing and urban fund support, floor area ratio relaxation, and construction in supply promotion districts, rented for more than 10 years, and subject to rent and tenant qualification restrictions under this law.

Currently, the law does not provide regulations on priority sale conversion of public-supported private rental housing. However, there have been opinions that it is necessary to grant priority rights to existing tenants to purchase after the rental period ends to resolve tenants' housing instability and provide opportunities for home ownership.

Accordingly, the amendment allows rental businesses to give priority sale conversion to tenants who are non-homeowners residing until the time of sale conversion, as prescribed by presidential decree, when converting public-supported private rental housing after the mandatory rental period, to stabilize housing for low-income non-homeowners.

Rep. Kim said, "Since public-supported private rental housing is constructed with public support, it is necessary to be more proactive in protecting tenants," adding, "It is only natural to give existing tenants the opportunity to purchase with priority."