Democratic Party of Korea advances youth housing plan and Housing Welfare Tax

  • Democratic Party of Korea will announce a Youth Housing Welfare Plan before Chuseok.
  • Public housing would rise from 1.94 million units to 2.5 million units.
  • Local Housing Welfare Tax legislation is undergoing a legislative notice process.

The Democratic Party of Korea plans to unveil a Youth Housing Welfare Plan before Chuseok, lowering income and asset thresholds for public rental housing and improving locations, quality and community facilities. Floor leader Han Byung-do said the party wants housing that young people will choose to live in and aims to address housing insecurity. The party has also launched a permanent Special Committee on Housing Welfare, chaired by Kim Nam-geun, covering youth, newlyweds, senior citizens, people with disabilities, victims of domestic and sexual violence, and out-of-school youth. It plans to expand public housing from about 1.94 million units, or 8% of all housing, to 2.5 million units, or 10%, while remodeling rentals built around 15 years ago and reconstructing those more than 30 years old. To fund local housing programs, the party supports converting the local education tax component of the cigarette consumption tax, which expires at the end of this year, into a local Housing Welfare Tax. The proposal is included in the government’s 2026 local tax reform plan, and the related bill is undergoing legislative notice. The party also wants social enterprises and local governments to participate in housing supply and plans funding for improvements such as air conditioners in vulnerable facilities including jukbangs and gosiwons.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.