People Power Party’s Top Local Election Pledge: Real Estate... Jang Pledges to Promote Half-Price Jeonse in the Seoul Metropolitan Area

First Real Estate Policy Pledge for June 3 Local Elections

Full Housing Loan Support for Families with Four or More Children

Expanded Rent Support and Stamp Tax Exemption for Young People

The People Power Party has announced its first major real estate policy pledges ahead of the June 3 local elections, including a “Half-Price Jeonse” initiative and a childbirth-linked housing fund.

On April 1, the party visited an apartment complex in Mapo-gu, Seoul, where it held a policy discussion with local residents before unveiling its real estate agenda. Jang Donghyuk, leader of the People Power Party, criticized the current administration, saying, “The Lee Jaemyung government’s real estate policy must be fundamentally reformed.” He emphasized, “This local election is an opportunity to set real estate policy right.”

Jang Donghyuk, leader of the People Power Party. On the 1st, Leader Jang visited an apartment complex in Mapo-gu, Seoul to announce his real estate policy pledges. Photo by Yonhap News

The policy proposals announced by the party on this day include: ▲ Half-Price Jeonse ▲ childbirth-linked housing fund loan support ▲ expanded monthly rent tax credits ▲ increased monthly rent support for young people ▲ exemption of stamp tax on jeonse loan contracts. The Half-Price Jeonse policy aims to supply long-term jeonse housing at 50% of the surrounding market price. The party plans to first implement this in Seoul and then expand it throughout the greater metropolitan area.

Leader Jang explained, “The Half-Price Jeonse promoted by the People Power Party can be supplied through the deliberation of local government public housing rent adjustment committees, even without central government administrative procedures or amendments to national law.” He added, “If you choose the People Power Party in the local elections, we promise to make the Half-Price Jeonse our top priority.”

The childbirth-linked housing fund will offer newlywed couples ultra-low interest housing loans at rates below 1% per year, with interest and principal reductions based on the number of children born. If a couple has one child, all interest will be waived; with two children, one-third of the principal will be reduced; with three children, two-thirds of the principal will be reduced; and with four or more children, the entire principal will be covered by the national and local governments.

Regarding the monthly rent tax credit, the party explained that it will expand the eligible households from those with a total annual salary of 80 million won or less to those with 90 million won or less. The annual deduction cap will be raised from 10 million won to 20 million won, and the deduction rate will increase from 17% to a maximum of 22%. Additionally, management fees will also be included as eligible for tax credits.

Monthly rent support for young people will be increased from the current 200,000 won to 300,000 won, and the income eligibility standard will be expanded from 60% of the median income to 100%, thereby broadening the range of beneficiaries. The party also plans to pursue amendments to relevant laws to exempt the stamp tax that tenants currently pay each time they receive a jeonse loan.

Leader Jang stated, “Policies that divide and demonize the public will never achieve stability in the real estate market. If the Lee Jaemyung government insists on staying on the wrong path, it must be kept in check.” He added, “The People Power Party will make every effort to ensure that all citizens can enjoy the freedom of home ownership.”

This content was produced with the assistance of AI translation services.