"Half of Housing Purchase Covered by Government"… Won Hee-ryong's 'Housing National Chance' Pledge

Jeju Governor Won Hee-ryong, who declared his presidential candidacy, is announcing his campaign pledge "Won Hee-ryong's National Chance No. 1 Pledge: Housing National Chance" at the National Assembly Communication Office on the 29th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kum Boryeong] Won Heeryong, governor of Jeju Province and a presidential candidate from the People Power Party, unveiled his first pledge, the "Housing National Chance," which centers on the government supporting half of the housing price.

On the morning of the 29th, Governor Won announced the first pledge, "Housing National Chance," at the National Assembly.

One part of the Housing National Chance, called "Half-Half Housing," involves the government co-investing half of the housing price for citizens purchasing a home for the first time in their lives. Governor Won explained, "For those without 'parent chance' or 'family chance,' we will realize 'Half-Half Housing' with half self-payment and half national chance so they can buy a house without overextending themselves. Unlike the ruling party's government that insists on public rental housing in irrelevant places, people will be able to buy and sell where they want to live." The program will start with newlywed couples without homes and gradually expand to all non-homeowners.

The plan also includes deferring capital gains tax when a single-home household moves up to a better residence for actual living purposes. Governor Won emphasized, "If the purpose is not speculation but actual ownership, and if a family needs to move to a bigger house due to having a child, the government should help seize that opportunity."

Governor Won plans to immediately repeal the three lease laws. He said, "A situation of jeonse (key money deposit) refugees, which experts have warned about, is occurring. Even those who feel secure now will face difficulties with new contracts," adding, "We will persuade the National Assembly based on public opinion to repeal these laws and devise safety measures so that those who signed contracts under these laws will not suffer disadvantages due to the repeal."

This pledge was developed with the participation of 33 economic and real estate experts, including People Power Party lawmaker Eom Taeyoung, Professor Emeritus Jo Jangok of Sogang University's Department of Economics, Professor Kang Seokhoon of Sungshin Women's University's Department of Economics, Professor Shim Gyoeon of Konkuk University's Department of Real Estate, and Professor Lee Hansang of Korea University's Business School. After announcing the Housing National Chance, Governor Won told reporters, "The best experts have gathered to review various methods," and added, "We are in the process of refining it to become a policy that can be implemented immediately."