The ruling Democratic Party announced measures to expand South Korea's housing supply through redevelopment and reconstruction projects while rejecting speculation about higher property taxes.
 
Party policy chief Han Jeoung-ae on Tuesday announced the formation of a housing policy task force, comprising members of multiple relevant committees, which will push follow-up legislation to the government’s Oct. 15 housing plan.
 
The task force will focus on measures such as extending the sunset clause for public housing projects, streamlining redevelopment procedures and allowing the simultaneous approval of construction permits.
 
Other proposals include laws to prevent the sale of Korea Land and Housing Corporation residential land, promote modular housing and redevelop old public buildings.
 
Han said the revision of property tax rules was “not under discussion,” noting that the party would wait to assess the impact of the recent housing package and future government research.
 
The opposition People Power Party criticized the plan as undermining homeownership opportunities for younger homebuyers, but the Democratic Party shot back, urging the opposition to “stop gaslighting ordinary citizens and young people.”