Ruling Party: "Tax Reform Plan to Be Finalized by Late August... Seoul's Cooperation Key for Housing Supply"

Controversy over "Youth Bus House" Called an "Incident"
"Sincerely Sorry for Hurting Young People"

Han Jeong-ae, Policy Chief of the Democratic Party of Korea, held a press conference on current issues on the 9th, addressing the government's recently announced tax reform plan. She stated, "Since the reform plan could be finalized around the end of August, the party and the administration will fine-tune and finalize it even before that if possible."

Han Jeongae, Chair of Policy Committee of the Democratic Party of Korea, is making remarks on current issues at a press briefing held at the National Assembly on the 9th. Photo by Yonhap News

Policy Chief Han noted that the comprehensive scope of the reform is generating a wide range of opinions from stakeholders, saying, "We are continuing to gather feedback on various aspects, including the reduction of benefits related to non-owner-occupied single housing."

She also announced that the Democratic Party’s task force on housing market stabilization plans to hold its inaugural meeting on either the 12th or 13th of this month.

Regarding housing supply measures, she emphasized that cooperation from the Seoul Metropolitan Government, which holds approval authority, is essential. Han said, "For small-scale greenbelt or green space areas, as well as Yongsan Park, it will be difficult without Seoul's cooperation," adding, "The party had already proposed supply measures to the government in January of this year."

She further explained that it is not desirable for residential units near Yongsan Park to be used as if the park were privatized by certain groups, and presented supply measures centered on public housing for young people, newlyweds, and genuine end-users. In addition, she called on the Seoul Metropolitan Government to delegate approval authority to district offices for small-scale projects, such as those with fewer than 500 units.

Regarding the recent controversy over the "Youth Bus House" concept, which caused a stir after being proposed by Assemblyman Hwang Hee, she dismissed it as an "incident" that arose during the search for ideas. Han expressed her sincere apologies, stating, "In that process, some young people were unintentionally hurt, for which I am truly sorry."

She then proposed alternatives to shorten supply timelines, such as adopting modular construction methods and providing budgetary support for non-apartment and youth housing projects.

Han also clarified her position on the restructuring of Individual Savings Accounts (ISA) and the "anti-stock suppression law," both of which President Lee Jaemyung had ordered to be reviewed. She said, "There seems to be no need to touch existing ISAs, but other proposals related to productive finance could be selectively considered." Regarding the anti-stock suppression law, Han said, "The government’s proposal appears to be somewhat lacking. The Ministry of Economy and Finance is moving toward accepting the party’s requests and making adjustments."

Addressing the differences exposed between the Ministry of Trade, Industry and Energy and the Ministry of Employment and Labor over the "52-hour workweek exception" clause in the government's proposed Mega Special Zone Special Act, Han described the disagreement as a natural difference in perspectives among ministries and said that the final decision would be made after intense discussions with stakeholders once the bill is sent to the National Assembly.

Meanwhile, Han added that in light of the ongoing heatwave, she has recommended the government ease the progressive electricity billing system to help prevent heat-related damage and received a positive response from the Minister of Climate and Environment, who promised to actively review the suggestion.

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