The Democratic Party of Korea has expanded its Housing Market Stabilization Task Force to cover not only housing supply but also taxation and finance, pledging to review the full range of real estate policy in coordination with the government. The party said it will focus on accelerating housing supply — through non-apartment housing that can be delivered quickly and urban redevelopment projects — and aims to pass related legislation this month.
Han Byung-do, the Democratic Party's acting leader and floor leader, said at the TF's first meeting at the National Assembly on Wednesday that the party would "expand and reorganize the TF, which had focused on supply measures, to review the full range of real estate policy — covering supply, taxation and finance — together with the government."
Han said "what matters more than announcing measures is the speed of implementation that the public can actually feel," adding that the party and government would "put their heads together closely" given the need to "dramatically shorten the timeline for housing supply." He said the party would also pursue short-term supply measures to stabilize the jeonse and monthly rent market quickly, along with residential welfare measures including restoring the housing ladder.
Policy committee chairwoman Han Jeong-ae proposed expanding the supply of non-apartment housing — such as urban-type residential units and officetels — deliverable in a short period, as well as introducing modular construction methods. Han said both the central government and the Seoul Metropolitan Government "share the view that housing supply in Seoul must increase," and called for close cooperation between the government and Seoul, which holds practical authority over permits and approvals.
The party also pledged to move quickly on follow-up legislation needed to implement the supply measures. Han cited bills including the Urban and Residential Environment Improvement Act and the Special Act on Public Housing, saying the party would "no matter what happens in August — filibuster or anything else — make sure those bills are passed."
The Democratic Party criticized the People Power Party for blocking passage of follow-up legislation tied to the government's supply plan. Han said the PPP "claims supply is the answer to stabilizing the real estate market, yet is actually blocking the passage of follow-up bills for the government's own supply measures," and said "the main culprits behind the housing supply shortage are the incompetence of the Yoon Suk Yeol administration, the Oh Se-hoon city government and the People Power Party."
The TF is headed by policy committee chairwoman Han Jeong-ae and includes Rep. Park Sang-hyeok, senior vice chairman of the policy committee for social affairs; Rep. Cheon Jun-ho, senior floor management deputy leader; Rep. Kim Han-gyu, senior floor policy deputy leader; and Rep. Lee Yeon-hee, strategy and planning committee chair. Following the recent announcement of a real estate tax reform plan, the TF was expanded to include lawmakers from relevant standing committees — the Land, Infrastructure and Transport Committee; the Public Administration and Security Committee; the Finance and Economy Planning Committee; and the Political Affairs Committee.
Government officials also attended Wednesday's meeting, including Financial Services Commission Chairman Lee Eok-won, Ministry of Land, Infrastructure and Transport First Vice Minister Kim I-tak, and Ministry of Economy and Finance First Vice Minister Lee Hyeong-il. The Democratic Party plans to discuss the real estate tax reform plan and housing supply measures at a general assembly of its lawmakers on Thursday.
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