Lee Jun-seok "Reduction of New Town Commercial Land Supply to 10%, Allowing Long-term Vacancy Use Change"

[Financial News] Lee Jun-seok, the presidential candidate of the Gaehyuk Shin Party, has proposed pledges targeting the vacancy issue at Wave Park on Turtle Island, Siheung, Gyeonggi, which has become controversial during the recent election campaign. The core content includes reorganizing the real estate supply structure by reducing the current new town industrial land by half and supporting relief measures such as deferring property tax and allowing use changes for long-term store vacancies. Additionally, pre-examination systems to prevent false leasing advertisements and expansion of public leasing are included in the pledges.
Candidate Lee announced the 'Structural Blockage of Vacancy Issues' pledge as the 26th pledge on the 27th to address new town vacancy issues and protect livelihood investors. The awareness is that the store vacancy problem is prolonging in new town areas such as Dongtan, Misa, Wirye, and Sejong.
The Gaehyuk Shin Party plans to first lower the commercial land ratio in new town development from the current 20% to 10%, more than halving it. This is to resolve the oversupply structure of stores and protect the commercial districts near new towns. In addition, the plan is to allow use changes to residential facilities, shared offices, youth startup spaces, and cultural facilities for long-term store vacancies to relieve the burden on livelihood investors.
Furthermore, for vacant stores without tenants for more than two years, the plan is to defer property tax payment until actual leasing occurs. This is to prevent the double burden of having to pay property tax in a situation with no rental income.
Additionally, the Gaehyuk Shin Party included in the pledge a plan to bifurcate the system so that the Korea Real Estate Agency pre-examines leasing advertisements for commercial facilities above a certain size, and local governments can approve or request supplements based on the examination results. This is to preemptively block unilateral development expansion by local governments.
Finally, the plan is to support post-measures by establishing an institutional foundation for public institutions to lease long-term vacant stores for administrative needs such as resident centers and care facilities instead of building new offices. Additionally, the plan is to promote measures that allow local governments to investigate the status of store vacancies in the region and transparently disclose data (actual transaction prices, vacancy rates, floating population, etc.) through public portals. 
A spokesperson for the Gaehyuk Shin Party's election campaign headquarters stated, "The structural blockage of vacancy issues is not just a real estate policy, but a measure that starts from the tears of countless citizens whose retirement funds and pensions are tied up and collapsed," adding, "We will institutionally cut off the suffering of livelihood investors who are driven to become credit delinquents without rental income."

jhyuk@fnnews.com Kim Jun-hyuk Reporter