Photo courtesy of Yonhap News
The Democratic Party of Korea has clarified its opposition to President-elect Yoon Seok-yeol’s remark that it will repeal and reduce the 3rd Law on Leases, saying that it will aggravate housing insecurity for the common people.
In a commentary today, Democratic Party spokesman Cho Oh-seop said, “The 3rd Law on Leases was introduced for the purpose of protecting tenants and stabilizing housing for the common people. Abolition and reduction should be very careful.”
Spokesperson Cho continued, “After the implementation of the 3rd Law on Leases, the contract renewal rate reached 70%, and for the top 100 apartments in Seoul, the contract renewal rate increased to 78%.
The average tenure of tenants has also increased from 3.5 years to 5 years after the law was enforced,” he said.
“It took 30 years to alleviate the pain of the common people who had to relocate if the jeonse funds went up wildly every two years and if they couldn’t afford it, it took 30 years,” he said. The 3rd Law on Leases should be observed in principle.”
He also said, “If the commission does not take this into account and concentrates only on erasing the traces of the former government, the damage will be inflicted on the common people.” can review the amendment of the law together,” he added.
