Ruling Party, Government Agree on Swift Passage of Real Estate Stabilization Bills

The government and the National Assembly have agreed to swiftly process related legislation to alleviate housing instability for ordinary citizens and stabilize the housing market. To this end, the Ministry of Land, Infrastructure and Transport and the National Assembly's Land, Infrastructure and Transport Committee held a ruling party-government consultation at the National Assembly Members' Office Building on the 18th, reaching consensus on expediting follow-up legislation to the "9·7 Measures" and the passage of bills concerning public livelihood issues.

In response to recent housing market changes, including falling apartment prices in Seoul's Gangnam district, the ruling party and government will pursue market stabilization through follow-up legislation to the "9·7 Measures."

Minister of Land, Infrastructure and Transport Kim Yun-deok requested the National Assembly's prompt review and passage of follow-up legislation to the "9·7 Measures" and livelihood bills, such as support for victims of 'jeonse' (long-term lease) fraud. Meng Sung-kyu, chairman of the National Assembly's Land, Infrastructure and Transport Committee, cited President Lee Jae-myung's directive to ensure speed in the legislative and executive processes, pledging full commitment to securing legislative speed and execution capabilities for resolving housing issues.

The ruling party and government decided to prioritize the passage of the Special Act on Public Housing, the Special Act on Integrated Development of Aging Public Offices, the Special Act on Integrated Development of School Sites, the Urban Redevelopment Act, and the Real Estate Development Business Management Act. They also included bills to protect ordinary citizens and vulnerable housing groups on the priority list, such as the Act on Support for Victims of 'Jeonse' Fraud, the Housing Act which strengthens entry criteria for regional housing associations, and the Act on Private Rental Housing.