Song Young-gil Appeals for Last-Minute Support, Saying Real Estate Should Be Solved Through Supply, Not Taxes

[Financial News] Song Young-gil, a candidate for DPK leader, made a final appeal on the 13th, saying that if elected party leader, he would drive the party's policies on people's livelihoods. He stressed that the real estate problem should be solved through supply, not taxes.
At a press conference at the National Assembly Communication Center that day, Song said, "The government's tax reform direction is right. Homes people live in should get tax relief, while homes they do not live in should be taxed at full value." He added, "However, there are blind spots. For one-home owners who leave their homes for unavoidable reasons such as caregiving or job transfers, the Comprehensive Real Estate Holding Tax can rise by as much as four times. That does not fit the purpose of protecting actual residents. I will fix it."
He said, "The way to solve the real estate problem is 'supply, no matter what,'" adding, "I will start with the supply measures that can be implemented right away."
Song also vowed to quickly pass a law aimed at revitalizing Community Housing Cooperatives, which are centered on people without homes. Such cooperatives are made up mainly of non-homeowners, but they have been criticized as effectively unworkable because they must purchase 95% of the development site and secure ownership rights before proceeding.
He also raised concerns over more than 14,000 Seoul Youth Safe Housing units that have yet to open, saying, "The law requires deposit insurance before tenants are recruited, but under the trust-based model, insurance can only be obtained after completion. The sequence is out of order, so the homes are finished but young people still cannot move in." He added, "One clause in the law is out of step with reality. A revision to the Private Rental Housing Act has already been proposed, and I will move quickly to amend it."
He also promised to supply 50,000 apartments on the U.S. military return site in Yongsan District, Seoul. In particular, he said he would push for the sale of what would effectively be half-price apartments for non-homeowners, including young people and newlyweds.
He said he would also consult with the government on simplifying real estate regulations and easing the Loan-to-Value ratio (LTV), Total Debt Service Ratio (DTI), and loan limits for first-time buyers and other end users without homes.
In addition, he said that if elected party leader, he would make revitalizing neighborhood commercial districts and regional economies, easing the tax burden on low- and middle-income households, supporting asset building for young people and protecting retail investors, and speeding up livelihood-related legislation his key priorities.
[email protected] Kim Hyung-gu Reporter