Yoon vows to fix tax system to stabilize housing market

Yoon Suk-yeol, the presidential nominee of the main opposition People Power Party (PPP), said Saturday he will fix the country's tax system to stabilize the housing market.

"The current government thought soaring home prices were caused by multiple homeowners' speculative demand, or their cornering and hoarding in the market, but that is wrong," Yoon said on 3Pro TV, a YouTube channel about the economy. "I will rationalize the tax system, so that multiple homeowners' properties can be offered on the market."

Yoon hinted that he would ease heavy capital gains tax on multiple homeowners if he wins the upcoming presidential election.

"You need to raise the capital gain tax moderately, but since it went up too sharply over gift tax, people are not selling their properties, but instead giving them to their children," he said.

Regarding rental homes, Yoon said the market should supply more of such houses because the public sector cannot do it alone. He also expressed a negative view on setting caps on pre-construction apartment sales prices.

When it comes to stock market and its short-selling system, the former prosecutor general called for a "balanced" move.

"In a time like this when the financial market is unstable, I think it is better for us to impose temporary regulation and follow international standards once the situation gets better," he said. "This is not a problem which you can decide with 'Yes or No' answer by looking at only one side of the picture." (Yonhap)