SEOUL - In a significant policy shift, President Yoon Suk Yeol declared the government's intention to dismantle a controversial real estate strategy established by the prior administration, aiming to address public discontent over housing affordability.
According to Yonhap News Agency, to President Yoon's statements during a public debate in Seoul, the current administration plans to discard the 2020 initiative that sought to adjust declared real estate values to reflect 90 percent of market prices by 2035. This measure, initially aimed at ensuring equitable taxation and curbing rising property costs, has been criticized for exacerbating financial strain on homeowners. Yoon articulated plans to alleviate these concerns by employing alternative policy instruments to negate the previous strategy's impact, even ahead of potential legislative changes.
Highlighting the previous policy's adverse outcomes, Yoon attributed escalating housing prices and increased tax burdens to missteps by former President Moon Jae-in's government. As part of a broader approach to housing reform, the Yoon administration intends to acquire and lease 100,000 affordable housing units to assist financially vulnerable populations. Moreover, a substantial urban revitalization initiative, dubbed the "New Village Project," is set to transform aging residential areas in Seoul's historic districts, including significant investment in Yeongdeungpo Ward, to modernize and enhance living conditions with a proposed budget of 10 trillion won over the next decade.
Seoul - The Seoul Central District Court has signaled potential coercive actions to ensure the attendance of opposition leader Lee Jae-myung at future court hearings regarding corruption allegations.According to Yonhap News Agency, the bench issued a stern warning following Lee's absence from a scheduled hearing on charges tied to bribery in property development projects from his tenure as Seongnam mayor. Lee, who leads the Democratic Party, had sought the court's approval to miss the Tuesday session, citing his political commitments, a request the court ultimately denied.
Lee's sporadic attendance, including a partial appearance at a prior hearing juxtaposed with his participation in a Democratic Party event, prompted the court to consider stronger measures to secure his presence. Prosecutors at the hearing urged the court to mandate Lee's attendance, emphasizing the necessity of his direct engagement in the legal proceedings.
In response, Lee's legal representation highlighted his pivotal role in the upcoming parliamentary elections, requesting leniency for his court absences until after April 10. However, the court remained unmoved, emphasizing the primacy of judicial process over political activities and denying any concessions for Lee's electoral responsibilities.
The court emphasized the imperative of Lee's presence for the integrity of the judicial process and indicated that a failure to attend subsequent hearings could trigger compulsory attendance enforcement. The immediate session was adjourned due to a crucial witness's refusal to testify in Lee's absence, underscoring the proceedings' reliance on his direct involvement.