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Government's real estate tax reform will cause Seoul rents to soar, expert warns
🇰🇷 South Korea /Economy & Trade

Government's real estate tax reform will cause Seoul rents to soar, expert warns

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Sources not specified Context piece
  • A real estate expert criticizes the government's property tax reform, warning it will cause soaring rents in Seoul.
  • The expert argues the policy forces people to own homes, ignoring the needs of renters.
  • He suggests the reforms might be driven by a desire to benefit Seoul at the expense of other regions.

Chae Sang-wook, CEO of Connected Ground and a figure described as the president's real estate mentor, has sharply criticized the government's proposed property tax reforms. He predicts the changes will inevitably lead to a surge in rental prices in Seoul, stating the policy essentially mandates homeownership.

This is like saying, 'You must live in your own home,'

— Chae Sang-wookCriticizing the government's property tax reform and its impact on rental prices.

"This is like saying, 'You must live in your own home,'" Chae remarked, suggesting the government's approach fails to consider the realities faced by renters. He expressed concern that the reforms could trigger significant backlash, stating, "A major real estate backlash is likely to occur."

A major real estate backlash is likely to occur.

— Chae Sang-wookPredicting negative consequences from the government's property tax reforms.

Chae further questioned the government's intentions, posing a rhetorical question: "Are non-homeowner renters treated as transparent beings?" He voiced suspicion that powerful interests focused solely on revitalizing Seoul might be influencing the tax policies, saying, "At this point, one can't help but have strange thoughts like there are forces in the tax department who want to kill the provinces and save only Seoul."

Are non-homeowner renters treated as transparent beings?

— Chae Sang-wookQuestioning the government's consideration for renters in its new tax policies.
DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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