Rebuilding Korea Party criticizes government's real estate tax reform plan as falling short of public expectations

The Rebuilding Korea Party on Tuesday criticized the government's real estate tax reform plan, announced Monday, saying it "raised public expectations but the result fell short of them."

Cho Kuk, director of the party's innovation policy research institute, said on Facebook that day that "exceptions and special provisions were expanded while the normalization of tax equity was pushed aside."

He acknowledged that "strengthening the property tax burden on non-owner-occupied and ultra-high-priced housing, and shifting the basis of taxation toward 'actual residence' and 'price,' is a positive and meaningful step forward." He added, however, that "the increased tax burden applies only to a small number of multi-home owners with ultra-high-priced apartments, while the vast majority of high-priced housing owners will see little change."

Seo Wang-jin, a Rebuilding Korea Party lawmaker, also called at the party caucus at the National Assembly that day for the government to "swiftly push forward a bold and innovative plan to supply high-quality public housing." He argued that "ultra-high-rise, high-quality public apartments should be built in prime locations — such as Yongsan Park and the legal district in Seocho-gu — and provided to young people and citizens without homes."