The Legislature passed the amendments to the Equalization of Land Rights Act on Tuesday. The amendments include regulations for purchase agreements and fines for market manipulators. The newly passed amendments will close existing loopholes and aim to make Taiwan's housing more affordable.
Previously, it was common for buyers to manipulate purchase agreements and profit off of reselling presold homes when prices went up. The amendment now prohibits such practice and mandates report of any changes to purchase agreements.
The amendments will also fine those who manipulate the housing market or spread false information regarding housing prices up to NT$50 million (US$1.63 million).
Democratic Progressive Party legislator Kuan Pi-ling (管碧玲) says the amendments are an important milestone in creating a stable housing market.
Another DPP legislator Chang Chi-lu (張其祿) adds the amendments are concrete steps towards housing justice.
New Power Party legislator Chiu Hsien-chih (邱顯智) says the amendments are the most sincere move by the government to alleviate the housing crisis and financial pressure on young people.
The amendments will now go to President Tsai Ing-wen (蔡英文) to be signed into law.