DPK to Prepare Detailed Supply Plans by City, County, District by December... Seeking Follow-up Legislation

Han Jungae Appointed as Head of Housing Market Stabilization Task Force
Members from Public Administration, Finance, Land, and Political Affairs Committees Join TF
Regarding Ruling Party Figures' Gap Investing Allegations: "Not a Desirable Situation"
Public Housing Act, Urban Regeneration Act, and Others Up for Discussion

Han Jungae, the Policy Committee Chair of the Democratic Party of Korea, who has been appointed as the head of the Task Force for Housing Market Stabilization, announced on the 21st, "By December of this year, we will establish detailed housing supply plans, including specific supply plans for each city, county, and district."

At a press conference held at the National Assembly that day, Han stated, "We will promptly legislate the government's follow-up legislative tasks during this regular session of the National Assembly and do our utmost to supply housing that meets demand."

As concerns have grown over the real estate measures announced on October 15, Han's remarks are interpreted as an intention to quickly present detailed housing supply measures based on the plan to supply 1.35 million housing units in the Seoul metropolitan area by 2030, as announced in the September 7 real estate policy.

Han explained, "The public sector will take the lead in accelerating housing supply, and as another pillar, we will prepare support measures to expedite the progress of maintenance projects such as reconstruction and redevelopment being carried out by the private sector, by streamlining procedures."

She further added, "As a follow-up to the September 7 measures, we will focus on detailed plans related to housing supply, concentrating on institutional improvements and the discovery of new housing sites."

Han Jeong-ae, the Chair of the Policy Committee of the Democratic Party of Korea, is speaking at the National Assembly's National Audit Countermeasures Meeting held on the 21st. 2025.10.21 Photo by Kim Hyunmin

She positively evaluated the designation of all 25 districts of Seoul and 12 other areas-Gwacheon, Seongnam (Bundang, Sujeong, Jungwon), Gwangmyeong, Suwon (Yeongtong, Jangan, Paldal), Anyang (Dongan-gu), Yongin (Suji-gu), Uiwang, and Hanam in Gyeonggi Province-as regulated areas, speculative overheating zones, and land transaction permission zones.

Han stated, "Public opinion overwhelmingly supports the idea that the government should stabilize housing prices when they rise, more than twice as much as those who believe the market should be left alone," adding, "The current direction of government policy is focused on the people."

She emphasized, "Due to the surge in housing prices and the real estate bubble, it has become increasingly difficult and distant for the middle class, working class, and young people to own a home. If this situation is left unattended, we could face a 'lost 30 years' like Japan."

The Task Force will be composed of members from the National Assembly's Public Administration and Security Committee, Strategy and Finance Committee, Political Affairs Committee, and Land, Infrastructure and Transport Committee. Assemblyman Lee Haesik will participate from the Public Administration and Security Committee; Assemblymen Jung Taeho (ruling party secretary) and Kim Younghwan from the Strategy and Finance Committee; Assemblyman Park Sanghyuk from the Political Affairs Committee; and Assemblymen Bok Giwang (ruling party secretary), Chun Junho, and Ahn Taejun from the Land, Infrastructure and Transport Committee.

There are no plans to discuss an increase in property holding taxes. Han stated, "It has only been a week since the real estate measures were announced, and today is just the second day since the implementation of the land transaction permission system. With these regulations now in effect, the initial reaction is shock and surprise. Time is needed to digest these changes," adding, "I believe we should monitor the situation until the end of the year, and we are not considering or reviewing any related tax measures at this time."

When asked about the gap between some Democratic Party leaders' comments-such as 'Is it right to buy a house with a loan?'-and the current reality, Han responded, "Given the overall economic trends and Korea's growth, it is impossible to have no loans at all. However, the level of borrowing should be such that people can maintain a reasonable standard of living, which will also revive consumer sentiment. I believe the concern is about excessive borrowing beyond that level."

Regarding allegations that, in addition to First Vice Minister of Land, Infrastructure and Transport Lee Sangkyung-who is embroiled in controversy over gap investing (purchasing homes with minimal capital by exploiting the difference between purchase price and jeonse deposit to seek capital gains)-about 60 other ruling party figures are also involved in gap investing, Han said, "I cannot comment specifically," but added, "However, from the public's perspective, given the resulting situation of such a sharp rise in housing prices, it is certainly not a desirable situation."

On follow-up legislation related to the October 15 real estate measures, Han stated, "We have initially organized about 20 bills, and there may be more. We are coordinating these with the government," mentioning the Special Act on Public Housing, the abolition of the sunset clause for the Public Housing Complex Project (Urban Complex Project), the Special Act on Urban Regeneration, the Urban and Residential Environment Improvement Act, the Korea Land and Housing Corporation Act, and the Special Act related to modular housing, among others.