On the 21st, the Subcommittee on Legislation of the National Assembly's Land, Infrastructure and Transport Committee passed a revision to the Housing Act that postpones the mandatory residence requirement for apartments under the price ceiling system by three years. Representative Kim Jeong-jae (People Power Party, Pohang Buk-gu) issued a statement welcoming the decision.
According to the amendment, the start of the mandatory residence period is relaxed from the current 'earliest move-in date' to 'within three years after the initial move-in.'
If the amendment passes the National Assembly, it will benefit approximately 50,000 prospective residents nationwide who currently lack the financial capacity to pay the remaining balance.
Kim, the ruling party's floor leader on the Land Committee, explained, "There are many genuine buyers who find it difficult to move in directly due to various practical reasons," adding, "Through discussions, the bill was passed with a three-year grace period."
Separately, the ruling and opposition parties also passed an amendment to the Building Act aimed at easing the penalty reduction rate for illegal buildings from the current 50% to 75%.
The ruling and opposition parties plan to hold a full Land Committee meeting to pass these bills and then process them at the plenary session scheduled for the 29th.
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