Citizen Group: "Moon Jae-in and the Democratic Party Are the Core of Real Estate Corruption"

Song Young-gil, leader of the Democratic Party of Korea, is reading documents at the policy members' meeting held at the National Assembly in Yeouido, Seoul, on the 18th.

Amid growing controversy over the Democratic Party of Korea's confirmed real estate tax relief plan being labeled as a 'tax cut for the rich,' there is also strong backlash from civil society.

On the 21st, the 'Citizens' Action for Housing Price Normalization' declared, "The house-less citizens and the 2030 generation are giving up their last hope placed on the Democratic Party of Korea and declare that they are the 'core of real estate corruption' that must be urgently eradicated."

This organization, which claims to represent the voices of the homeless and the 2030 generation, argued, "The Moon Jae-in Blue House and the Democratic Party of Korea not only caused housing prices to skyrocket, turning 23 million house-less citizens and the 20-30 age group into 'sudden paupers,' but also committed tyranny by cutting taxes for homeowners who became 'sudden rich'."

Furthermore, the group called for the abolition of the housing rental business system, the supply of apartments on the Yongsan site, and low-price sales in the 3rd New Town development.

They stated, "If the tax benefits for housing rental business operators are abolished, 1.6 million rental homes will be put on the market, causing housing prices to fall back to pre-Moon Jae-in administration levels," and "If it is declared that 100,000 apartments of around 30 pyeong will be supplied at 500 million KRW on the Yongsan site, the 'all-in' borrowing by people in their 30s will immediately stop."

They continued, "If the 3rd New Town sale prices are set at 340 million KRW for a 34-pyeong unit in line with the purpose of the price ceiling system, real demand buyers will not purchase homes at inflated prices," and "If the surge in jeonse loans under this administration is strictly regulated, landlords will not be able to raise jeonse prices by 200 million or 300 million KRW."

Meanwhile, on the 18th, the Democratic Party held a party meeting and, after intense debate, finalized the party stance to adjust the comprehensive real estate tax imposition standard from a publicly announced price of 900 million KRW to the top 2%, and the capital gains tax exemption threshold from 900 million KRW to 1.2 billion KRW. They also decided to reconsider the abolition plan for benefits to housing rental business operators from scratch.