Rebuilding Korea Party floor leader vows property tax hike, unearned income clawback legislation

Seo Wang-jin, floor leader of the Rebuilding Korea Party, said Tuesday that his party would treat the June 3 local election results as a stern public rebuke and push ahead with legislation on real estate reform and economic relief.

Speaking at a party caucus meeting at the National Assembly, Seo said the party would "reflect deeply with an even humbler posture before the sovereign people" and focus its full energy on legislation and policy tasks aimed at restoring livelihoods, starting immediately after the election.

Seo said he agreed with the real estate policy direction President Lee Jae-myung outlined at a press conference Monday marking his first anniversary in office — including overhauling the tax system to raise the property-holding burden on multi-home owners and owners of ultra-high-priced homes to levels comparable to advanced economies, and expanding the supply of high-quality public rental housing. "Guaranteeing the right to housing is a core value of the socially advanced nation that the Rebuilding Korea Party aspires to build," he said.

He added that the party would "lead and support the drive for reform most clearly so that the government's forward-looking real estate measures are not derailed by the political establishment," and pledged to swiftly prepare and pass legislation centered on strengthening property taxes on multi-home owners, recouping unearned income and expanding the basic right to housing.

Seo also directed criticism at the two major parties for plunging into leadership races immediately after the election.

Citing President Lee's remarks about "arrogance in the political world," Seo said the major parties — which had intensified internal power struggles even before the campaign and were now accelerating them further — had serious reflecting to do. "You can never change people's lives by punching away at a party-leadership calculator with no thought for people's livelihoods the moment the election is over," he said.

Seo also shared his thoughts as he wrapped up roughly a year in office since being elected the party's second-term floor leader in May last year.

"I am sincerely grateful to the 12 lawmakers who held the line and ran alongside me to heal the wounds of the insurrection and fight for prosecutors' office reform and political reform," he said. "With the election of a new floor leader, our caucus will unite more strongly than ever."

He added that the party would "defend the party more firmly and build it into a capable, lean and strong party" under the new floor leadership, and pledged to "complete prosecutors' office reform, defend democracy and open the path toward a South Korea that is an advanced nation in social rights."