President Lee Jae-myung has ruled out any deferral of the heavier capital gains tax on multiple-home owners and is turning up the pressure by signaling even a strengthening of property holding taxes (comprehensive real estate tax and property tax). In the market, some say the government may move immediately to overhaul holding taxes after the June 3 local elections.
2. How is this related to sub
(1) Land Tax & Housing: President Lee Jae-myung is pushing for the increased property holding taxes to push the sales of houses from home hoarders to solve housing crisis.
3. My opinion
This tax hike should be combined with public housing supply, which he promised 60,000 for young and newly married couples but its implementation is doubtful because of NIMBY metropolitan mayor of Seoul.
logicx24 on
What does NIMBYism in Seoul look like? It seems like it’s very dense already, and it seems like East Asia managed to avoid the degrowth revolution of the 60s that has hobbled the west.
What does zoning look like in Korea? What tools do NIMBYs have to block construction?
2 Comments
1. Summary
President Lee Jae-myung has ruled out any deferral of the heavier capital gains tax on multiple-home owners and is turning up the pressure by signaling even a strengthening of property holding taxes (comprehensive real estate tax and property tax). In the market, some say the government may move immediately to overhaul holding taxes after the June 3 local elections.
2. How is this related to sub
(1) Land Tax & Housing: President Lee Jae-myung is pushing for the increased property holding taxes to push the sales of houses from home hoarders to solve housing crisis.
3. My opinion
This tax hike should be combined with public housing supply, which he promised 60,000 for young and newly married couples but its implementation is doubtful because of NIMBY metropolitan mayor of Seoul.
What does NIMBYism in Seoul look like? It seems like it’s very dense already, and it seems like East Asia managed to avoid the degrowth revolution of the 60s that has hobbled the west.
What does zoning look like in Korea? What tools do NIMBYs have to block construction?