임대주택법상 분양전환가격 규정의 강행규정성

오영준 사법발전재단 2011 사법 Vol.1 No.17

이 사건은 원고들이, “임대아파트의 임대의무기간(5년) 경과 후 원고들(무주택 임차인)과 대한주택공사 사이에 체결된 분양계약은 그 분양전환가격이 임대주택법의 ‘분양전환가격 산정기준’에 위반되어 일부 무효이다.”라고 주장하며, 대한주택공사(피고)를 상대로 법정 분양전환가격을 초과하여 납입한 분양대금 상당의 부당이득반환을 청구한 사건이다. 그 쟁점은 임대주택법 관련 법령의 분양전환가격 규정이 강행규정인지 여부이다. 종래 대법원 2004다33605 판결은, 임대주택법 시행규칙이 정한 기준에 위반하여 분양전환가격을 산정하였다는 사정만으로 분양전환가격 약정을 무효로 볼 수 없고, 임차인의 우선분양권을 사실상 박탈하는 정도에 이르러야만 무효라고 판시하고 있다. 위 판결의 판시 법리를 유지하는 한, 분양대금의 10% 정도를 법정 분양전환가격보다 높게 책정한 이 사건 분양계약을 가리켜 “그 분양전환가격이 지나치게 높아서 임차인의 우선분양권을 사실상 박탈하는 정도”라고 보기 어렵다. 따라서 이 사건 분양계약은 유효라고 보아야 하고, 원고들의 부당이득반환청구는 배척되어야 한다. 그런데 종래 판례의 주류적 경향은, (i) 공급자의 횡포를 방지하고 일반 소비자를 보호할 필요가 있는 경우, 특히 사회적 약자 층을 보호할 공익적 요청이 강한 경우, (ii) 그것이 거래의 안전을 해한다는 등의 특별한 사정이 없는 한 혹은 거래의 안전을 해한다 하더라도, (iii) 거래가격 통제 법령(예: 부동산중개업법상의 중개수수료 규정, 임대주택법상의 임대료 및 임대보증금 규정)을 강행규정으로 보고 이를 위반한 사법적 계약을 무효로 보아 왔다. 특히 임대주택법은 ① 국가ㆍ사회적으로 심각한 供給不足 財貨인 土地ㆍ住宅의 適正한 分配를 둘러싸고, ② 주거취약 계층인 무주택 서민의 주거안정을 도모하기 위하여, ③ 국가가 각종 재정적 지원(장기저리 융자)과 세금감면 등을 통하여 임대주택건설사업을 적극 지원하고, ④ 임대사업자로 하여금 공공건설임대주택을 건설한 후 이를 무주택 서민에게 임대ㆍ우선분양하도록 하며, ⑤ 그 임대과정에서 각종 지원을 받은 임대사업자의 횡포를 방지하고 임차인들을 보호하기 위하여 임대보증금ㆍ임대료 액수와 분양전환가격을 법적으로 통제하고, ⑥ 분양전환가격을 위반하여 분양전환한 임대사업자들을 2년 이하의 징역 등에 처하도록 하는 형사처벌 규정까지 마련하고 있다. 이러한 임대주택법의 입법목적과 취지 등을 종합하면, 분양전환가격에 관한 임대주택법 관련 규정은 강행규정이라고 풀이하는 것이 종래 판례의 경향에 부합해 보인다. 더구나 종래 판례는 국가로부터 아무런 지원을 받지 않은 사경제주체(공급자)가 일반 소비자와 거래하면서 법령상의 가격한도 규정(예 : 중개수수료 등)을 위반한 경우 그 한도 초과분의 약정을 무효로 보았는바, 임대주택법과 세법 등에 의하여 각종 지원과 혜택을 받은 임대사업자가 법정 분양전환가격 규정을 위반하여 분양계약을 체결하더라도 그것이 사법상 유효하다고 보는 해석은 균형을 상실한 측면이 있다. 또한 대법원 2004다33605 판결은 “분양전환 산정기준”에 관한 법령상 근거 규정이 마련되었음에도 불구하고, 그에 관한 법령상의 근거가 없었던 시절에 임차인들을 보호하기 위하여 창안한 대법원 95다38110 판결의 판시 법리를 그대로 답습한 것이어서 이론적으로 문제가 ... The plaintiffs of this case claim for the return of unjust enrichment which exceeds the legal unit sale conversion price against the Korea Land Housing Corporation(the defendant) alleging that “the unit sale contract between the plaintiffs (lessees without houses) and the Korea Land Housing Corporation after 5 years of mandatory lease period is invalid since the unit sale conversion price against ‘the unit sale price determination criterion’ of the Rental Housing Act.”The issue is whether the Rental Housing Act related to the unit sale conversion price provision is mandatory. The Supreme Court Decision 2004Da33605 held that the unit sale conversion price agreement does not become invalid merely because the unit sale conversion price is determined against the Rental Housing Act Enforcement Rule, and it becomes invalid when a priority unit purchase right is actually taken away. Under the above decision's legal principle, the unit sale contract of this case with 10% higher than the legal unit sale conversion price is hard to be viewed as “a lessee's priority unit purchase right is actually deprived due to its high unit sale conversion price.” Thus, the unit sale contract of this case is valid and the plaintiffs' claim for return of unjust enrichment should be rejected. The main stream of prior precedents has held that (i) where a supplier's high-handedness needs prevention and ordinary consumers need protection, especially where the public demand is highto protect the socially weak class, (ii) barring special circumstances such as harming transaction security or even if the trade security is harmed (iii) since the transaction price control rules (example: the Real Estate Brokerage Act's brokerage fees rule, the Rental Housing Act's rental fees and security money provision) are mandatory provisions, the private contract has been regarded as invalid if they are violated. The Rental Housing Act intends ① in the distribution of land and houses which are seriously in short supply, ②to help housing stability of low income class without houses, ③ to support the rental house construction business with financial assistance(low interest rate loan) and tax reduction, ④ to let the rental business enterpriser build, lease or sell public construction rental house to low income classes without houses, ⑤ to control rental business enterpriser's wrongdoing to protect lessees and lease security money, rent and unit sale conversion price legally, ⑥ to impose criminal punishment up to 2 years to rental business enterprisers violating a unit sale conversion price. In light of the above Rental Housing Act, its unit sale conversion price complies with the precedents if interpreted as mandatory provisions. Further, the precedents saw the agreement violating legal limits between private economy entity (supplier) and consumers (example: brokerage fees) as invalid as related to the excess and thus, it is not fair to hold that the unit sale contract which violated the legal unit sale conversion price is valid despite diverse assistance and benefits from the Rental Housing Act and the tax laws. Further, the Supreme Court Decision 2004Da33605 is problematic theoretically since despite the legal ground of “sale conversion criterion”, it repeats the reasoning of Supreme Court Decision 95Da38110 rendered at the time without the ground to protect a lessee. Further, the Supreme Court Decisions 2003DA11813 and 2010Da23425 saw the Rental Housing Act's standard security money and rent as mandatoryprovisions and invalidate private contracts which violate them, and so the overruling is necessary. The Decision is proper to overrule Supreme Court Decision 2004Da33605 and saw the Rental Housing Act's unit sale price determination criterion as mandatory provision. The Decision will exercise a positive influence on the smooth sale of rental houses to lessees without houses upon the exercise of a priority unit sale conversion right under the R...

소비자 심리가 주택시장에 미치는 영향 분석 -주택매매가격을 중심으로-

정의철 ( Eui Chul Chung ) 한국부동산분석학회 2010 不動産學硏究 Vol.16 No.3

This paper examines the impact of consumer sentiment on sales price of housing. To account for the roles of market fundamental variables and to figure out additional effect of consumer sentiment, an estimating model is developed by carefully examining demand supply factors affecting housing market. To analyze short-run adjustment process as well as long-run movement of sales price of housing, an error-correction model is estimated using quarterly data for relevant variables. Estimation results show that the long-run movement of sales price of housing is affected by income, interest rate, expected house price appreciation rate, price of land, and degree of housing shortage. Consumer sentiment is also found to significantly and positively affect the long-run movement of sales price of housing. Estimation results also indicates that there exists an error-correction mechanism on sales price of housing. It is found that about 37% of disequilibrium is eliminated in one quarter. Short-run adjustment of sales price of housing is mainly influenced by expected house price appreciation rate and housing shortage as well as consumer sentiment which positively affects the change in sales price of housing. All these results suggest that consumers` psychological factors are inherent in Korean housing market represented by sales price of housing and that housing demand is determined not only by consumers` ability to buy but also by consumers` willingness to buy as argued by Katona(1968).

주택 매매가격 및 전환임대료 결정요인에 관한 비교분석

신성윤(Shin, Seong Youn),이현준(Lee, Hyun Jun),이한민(Lee, Han Min),엄수원(Eom, Su Won) 한국주거환경학회 2021 주거환경(한국주거환경학회논문집) Vol.19 No.3

This study analyzes the price structure of the domestic housing market in Korea, which has been accumulating. It is assumed that the sales price represent the property value. The monthly rent, Chonsei and guaranteed monthly rent are converted into conversion rent. This study uses the Hedonic Price Model to empirically analyze two dependent variables to determine how the characteristics of a house affect the sales price and conversion rent. It analyzes the determinants of housing sales price and conversion rent comparatively. The results show that the regional characteristics of Seoul have the highest positive effect on sales prices and conversion rent, followed by those of Jeju. Regarding housing characteristics, the sales prices and conversion rent vary depending on the type of house. Apartments have both property value and value in use since they have higher selling prices and conversion rent than other types of housing. Single-family housing with commercial functions has a positive effect on the sales price but a negative effect on the conversion rent, which is the value in use. In the facility and household sectors, exclusive use of urban gas, district heating, toilet facilities, and hot water supply baths have positive effects on both sales prices and conversion rent. This study also finds that sales price decreased as the year flows and then increased 38 years later because of favorable factors of reconstruction. Moreover, conversion rent decreased as the housing area increased but increased from 79m² because of changes in demand for residential area. This study establishes the relationship between the housing sales market and the rental market, and we hope to contributes to the research on the price and structure of the housing market and national housing supply politics in Korea.

패널 자료를 이용한 지역별 주택매매가격 분석:

구희일(Hee Il Koo),최경욱(Kyong Wook Choi) 한국주택학회 2018 주택연구 Vol.26 No.1

본 연구는 패널 VAR 모형으로 글로벌 금융위기 전후 기간의 지역별 주택매매가격 변화를 기간별로 비교 분석하였다. 주택매매가격에 영향을 주는 변수로는 전입건수와 주택거래실적, 소매판매액지수, 가계대출 잔액을 이용하였다. 분석 결과, 전체 기간 중 전국 기준 주택매매가격은 주택매매가격 자체와 주택거래실적에 유의한 양(+)의 반응을 보였다. 글로벌 금융위기로 기간을 구분한 분석에서는 전국 기준주택매매가격이 위기 이전 기간과 위기 이후 기간에 각각 소매판매액 충격과 가계대출 충격에 유의한 양(+)의 반응을 보였다. 수도권 지역의 주택매매가격은 위기 이전 기간에 소매판매액 충격에 양(+)의 반응을 보이다가 위기 이후 기간에는 음(-)의 반응을 보였다. 한편, 비수도권 지역은 위기 이후 기간에 가계대출 충격이 주택매매가격에 양(+)의 영향을 주는 것으로 나타났다. 이와 같은 결과들을 종합할 때, 향후 부동산관련 정책 수립 시 소비재와 투자재의 성격을 모두 갖고 있는 주택매매가격의 특성이 고려되어야 할 것이다. 아울러 시기와 지역에 맞는 다양한 변수들에 대한 종합적인 분석도 필요할 것으로 보인다. This study empirically examined the changes in the domestic housing market by region in the aftermath of the global financial crisis. The panel VAR model was used to estimate the change in housing sales price in the period before and after the global financial crisis, using several variables such as internal migration, housing transactions, retail sales index, and household loan balances. As a result of the analysis, nationwide housing sales price showed a positive response to housing sales price and transactions. At the time of the global financial crisis, nationwide housing sales price showed a positive response to the retail sales shock and the household loan shock in the pre-crisis period and post-crisis period respectively. In metropolitan areas, housing sales price showed a positive response to the retail sales impact in the pre-crisis period and a negative response in the post-crisis period. On the other hand, in non-metropolitan areas, the impact of the household loan shock on the housing sales price positively affected in the post-crisis period. The results of this study demonstrated that the housing sales price vary not only in time and region but also in the underlying variables that affect housing price. Therefore, characteristics of housing sales price, which include both consumer and investment properties, should be considered when establishing real estate related policies in the future.

수도권 주택 유형별 매매가격과 거래량 간의 동학적 관계

전해정 한국콘텐츠학회 2024 한국콘텐츠학회논문지 Vol.24 No.1

This study empirically analyzed the dynamic correlation between housing sales price and transaction volume by housing type using vector autoregressive model. The spatial scope of this study was Seoul, Gyeonggi, and Incheon, the content scope was apartments, townhouses, and single-family homes, and the temporal scope was set from January 2013 to July 2023. As a result of the shock response analysis, in Seoul, the shock of the change rate of transaction volume responded positively to the shock of the rate of change in housing sales price for all apartments, townhouses, and single-family homes, and the rate of change in sales price also showed a positive (+) response to the shock of the rate of change in transaction volume. In Gyeonggi-do, in the case of apartments, the housing sales price change rate showed a positive (+) response to the shock of the transaction volume change rate, and the transaction volume change rate responded negatively (-) to the housing sales price change rate shock. For single-family homes and townhouses, the transaction volume change rate showed a positive response. The rate of change in housing sales price showed a positive (+) response, but then showed a negative (-) response, and the rate of change in transaction volume showed a positive (+) response to the shock of the rate of change in housing sales price. In Incheon, in the case of apartments and townhouses, the housing sales price change rate showed a positive (+) response to the shock of the transaction volume change rate, while the transaction volume change rate showed a negative (-) response to the housing sales price change rate shock, and for single-family homes, the transaction volume change rate showed a positive (+) response. The rate of change in housing sales price showed a negative (-) response, and the rate of change in transaction volume showed a positive (+) response to the shock of the rate of change in housing sales price.

소비심리와 주택매매가격이 경매낙찰가율에 미치는 영향

전해정(Chun, Hae Jung) 한국주거환경학회 2018 주거환경(한국주거환경학회논문집) Vol.16 No.3

The purpose of this study is to analyze the effect of consumer sentiment and housing sales price on the housing auction price ratio. This study was analyzed using panel vector error correction model(VECM). The independent variable is the housing auction price ratio and the dependent variables are the housing consumer sentiment index and housing sales price. The temporal range is from July 2011 to May 2017, and the spatial ranges are Seoul, Gyeonggi-do and Incheon. As a result of variance decomposition analysis, the explanatory power of the housing auction price ratio was the largest, and the housing consumer sentiment index and the housing sales price showed the highest explanatory power. As a result of impulse response analysis, the housing auction price ratio showed a positive (+) response to the housing consumer sentiment index. The housing auction price ratio showed a positive (+) response to the housing sales price, and the housing sales price showed a positive (+) response to the housing auction price ratio. Housing sales price and consumer sentiment index showed a positive(+) response on each other. The housing sales market and the auction market were found to be coupled. Especially, it was found that consumer sentiment had a great influence on the housing market and aution market.

주택매매가격과 전세가격의 상호 영향력에 관한 연구 : 서울과 전국 차이를 중심으로

김진우(Kim, Jin Woo),김승희(Kim, Seung Hee) 대한부동산학회 2021 大韓不動産學會誌 Vol.39 No.2

이 연구는 우리나라 주택가격의 대표 척도인 주택 매매가격과 전세가격을 중심으로 상호 어떻게 영향을 미치고 있는지 확인하고자 하였다. 즉, 주택 소유 및 점유의 개념을 가지고 있는 매매가격과 점유(비소유 거주)개념만을 가지고 있는 전세가격이 상호 어떠한 반응과 영향력 등이 있는지를 확인하고자 하였다. 주택유형의 과반수 이상을 차지하는 아파트에 대한 매매가격 및 전세가격을 함께 분석하여 주택가격의 복합한 상호 연관성을 확인하고자 하였으며, 인구가 집중되어있는 서울과 전국을 기준으로 영향구조 차이를 확인하고자 하였다. 그 결과로 주택매매가격이 전세가격에 상당한 영향이 미침을 확인하였고, 그 중 아파트 가격에 대한 영향이 상대적으로 큼을 확인하였다. 또한, 서울과 전국을 기준으로 비교하였을 때는 서울이 전국보다 주택가격 간 영향이 큼을 확인하였다. 특히, 서울의 아파트매매가격은타 주택가격에 매우 큰 영향을 미치고 있음을 확인할 수 있었다. 이는 아파트 매매가격이 안정화 된다면, 다른 주택 매매 가격 안정에 긍정적 영향을 미친다는 것을 의미하며, 전국 보다 서울이 상대적으로 효과가 큼을 예상할 수 있다. The purpose of this study was to examine the mutual effect of the housing sales price and the chonse price which are the representative scale of housing prices in Korea. In other words, it was attempted to check the mutual reaction and influence between the Housing sales price which has the concept of homeownership and occupation, and the chonse price which has only the concept of occupation (non-owned residence). The purpose of this study was to confirm the correlation between the housing sales price and the chonse price of apartments which account for more than half of the housing types and tried to check the difference in the correlation between housing prices in Seoul where the population is concentrated and the whole country. As a result, it was confirmed that the housing sales price had a significant effect on the chonse price, and among them, it was confirmed that the effect on the apartment price was relatively large. In addition, when comparing Seoul and the whole country as a standard it was confirmed that the influence between housing prices in Seoul was greater than that of the whole country. In particular, it was confirmed that apartment sales prices in Seoul have a very large effect on other housing prices. This means that if apartment sales prices are stabilized, it will have a positive effect on stabilizing other housing prices and it can be expected that Seoul will have a relatively larger effect than the whole country.

국내 주요 도시의 주택가격 간 상호 연관성 분석

신종협(Jonghyup Shin),서대교(Daigyo Seo) 한국산업경제학회 2014 산업경제연구 Vol.27 No.4

국내 4대 주요 도시의 매매가격과 전세가격을 대상으로 다변량 GARCH 모형을 이용하여 상호 연관성 분석을 실시해 보았다. 4대 도시의 매매가격과 전세가격은 모두 이번 기의 조건부 분산이 지난기의 조건부 분산(GARCH 효과)보다 오차항의 제곱(ARCH 효과)에 더 큰 영향을 받는 것으로 나타났다. 매매가격과 전세가격 간 조건부 상관계수는 부산이 가장 높았고 인천이 가장 낮았는데 부산은 2000년대 중후반 주택가격의 정체현상이, 인천은 같은 기간 매매가격의 가파른 상승세가 그 원인 중 하나로 지목되고 있다. 매매가격의 조건부 상관계수는 서울-인천 및 서울-부산이 다른 지역에 비해 상대적으로 높게 나타났는데 서울과 인천은 수도권에 위치하고 있다는 지리적 근접성에, 서울과 부산은 국내 1, 2위의 도시규모에 각각 영향 받은 것으로 보인다. 4대 도시 모두 매매가격 충격이 매매가격의 변동성을 증가시키는 것으로 나타났으나, 특정 도시의 매매가격 충격이 다른 도시의 매매가격 변동성에 미치는 영향은 그리 크지 않은 것으로 밝혀졌다. 또한 개별 도시의 매매가격 변동성은 낮은 지속성을 보이는 것으로 나타났는데, 이는 예견되지 않은 주택정책이 예견가능한 주택정책보다 주택가격을 더 크게 변동시킨다는 것을 의미한다. 따라서 정책당국이 주택가격의 안정성을 유지하기 위해서는 시장참여자들이 충분히 예측할 수 있는 방향으로 정책을 수립?집행해 나가는 것이 필요하다. 전세가격 변동성은 매매가격 변동성보다 상대적으로 높은 지속성을 보이는 것으로 밝혀졌으나, 그 분석결과가 매매가격의 분석결과와 질적으로 큰 차이를 보이지는 않는 것으로 나타났다. Using Multivariate GARCH model, we examine the relationship between housing sales prices and lease prices in four major cities. The squared errors have a greater effect on the conditional variance for the current period than for the last period in housing sales prices and lease prices of four major cities. Busan is the highest conditional correlation coefficient, whereas Inchon is the lowest. The housing prices in Busan were stagnant in the second half of 2000. Inchon suffered a rapid rise in housing prices during the same period. The correlation coefficients of housing sales prices in Seoul and Inchon and Seoul and Busan are high, relative to in other regions. The former seems to have been due to the geographical proximity, and the latter likely resulted from the size of city. In this paper, we find that a shock to housing sales price would increase the volatility of housing sales prices in four major cities. However, the effects of the shock to housing sales prices would be heterogeneous on the volatility of housing sales prices. The volatility of housing sales prices is likely to have low persistence in all cities, which implies that any unpredictable housing policy could lead to a greater fluctuation in housing prices. To keep housing prices stable, policymakers need to establish and implement the policy that can be fully predicted by market participants. The volatility of housing lease prices would have high persistence, relative to housing sales prices.

주택하부시장 특성을 고려한 신규 분양가와 입주후 가격 변화에 관한 연구

최열(Choi Yeol),김형수(Kim Hyung Soo),박명제(Park Myung Je) 대한토목학회 2008 대한토목학회논문집 D Vol.28 No.4D

본 연구는 신규 아파트 가격의 규제에 대한 결과로 나타난 신규 아파트의 분양가격과 입주 시점의 매매가격의 차이 즉 프리미엄의 원인을 규명하고자 하였다. 분석 결과를 정리하면 다음과 같다. 첫째, 부산지역 아파트 시장은 기존의 주택 형태에서 벗어나 새로운 형태의 아파트에 대한 수요가 높은 것으로 생각할 수 있다. 분석결과 아파트의 층수가 고층이고 타워형 아파트인 경우에 가격 상승이 높은 것으로 나타났으며, 주택의 형태도 더 많은 베이를 가진 아파트가 가격이 상승하는 것으로 드러났다. 둘째, 신규 아파트의 가격은 주거한 후에 평가되는 가격이 아니므로 가격상승에 대한 기대감을 높여주는 단지정보가 가격상승에 중요하게 작용하는 것으로 분석할 수 있다. 유의하게 나타난 변수는 녹지율과 아파트 세대수, 브랜드 및 도심지 접근성 등과 같은 변수였는데, 이러한 경향은 기존의 중고 아파트에 대한 연구결과와 동일한 것이다. 셋째, 신규 아파트 중에서도 대단지의 규모를 가지며 건설업도급순위 상위에 위치하는 건설회사의 브랜드 아파트가 가격 상승률이 높은 것으로 분석되었는데, 이는 지역 건설 업체의 불리한 상황에 대한 반증이기도 하다. 넷째, 변수들 중에서 가장 큰 영향을 미치는 변수는 아파트 분양가인 것으로 드러났다. 각종 선행연구들에서는 아파트 가격 상승요인으로 정부의 분영가격 규제정책을 지목하였는데, 분양가격의 규제로 인해 주택의 초기 분양가가 시장가격보다 낮게 책정되어 아파트 입주시에 가격이 상승하게 된다는 것이다. 또한 하부시장 특성에 대한 중요성을 알 수 있었는데, 중고주택시장의 상승률, 제1선호구와 제2선호구, 아파트 비율이 유의한 영향을 끼치는 것으로 나타났다. This study tried to find differences between housing lotting prices and sale prices owing to new multi-family housing price regulation. As the results of this study, they are as follows; First, this study shows housing market in Busan has a preferences of new housing which has a new housing form differing from the existing housing form. For example, the mixed-use apartment with higher stories shows steeper incline than the apartments with the existing forms. Second, the new housing prices are affected by the information that affect the price of the old existing housing. They are rates of green area of an apartment complex, the number of household, accessibility to downtown Busan and etc .. They are also confirmed factors that affect a rise of used-housing price in other studies. Third, brand value of apartments affects new housing prices. For example, if the major construction companies build the new apartment, it shows a rising trend than any other housing. Therefore, the local construction companies are expected to be put on a disadvantage places than major construction companies. Fourth, the lotting prices are the most important cause that lead to rise the new housing prices. Accordingly, the present lotting prices are expected that upward tendency the purchasing prices of the new housing will not continue, because the lotting prices have risen since the government removed lotting price regulations and exceeded the level of used-housing prices. And it denote that importance of housing sub-market which indicates rates of old existing housing market rising, frist preference Gu, second preference Gu, rate of multi-family housing.

5년 공공건설임대주택의 ‘분양전환가격 산정’ 제도의 위헌성 연구

이중근 ( Joong-Keun Lee ) 안암법학회 2022 안암 법학 Vol.- No.65

This study examines the ambiguity and unconstitutionality of the current legal system and regulations related to the sale conversion price of public rental housing. As a result of the review, it was confirmed that there were some unconstitutional elements in Article 50-3(5) of the「Special Act on Public Housing」related to the sale conversion price of public rental housing. 1. Article 50-3(5) of the「Special Act on Public Housing」is comprehensively entrusted with the Enforcement Decree without setting any the calculation criteria or scopes related to the sale conversion price. And the Enforcement Decree is also comprehensively re-delegating to the Enforcement Regulations as it is. As a result, the enforcement regulations are required to determine the essential matters that limit the property rights of the people. This violates ‘the principle of reservation of law’, which states that the legislator must directly decide the essential matters related to the restriction of the people's basic rights by law. 2. Based on the provisions of Article 75 of the Constitution, Article 50-3(5) of the「Special Act on Public Housing」does not distinguish between the calculation criteria for pre-sale conversion price and general sale conversion price. In addition, it is thought that there is a fundamental problem in this, as it comprehensively entrusts the “price, etc.” only to be determined by the enforcement decree without providing any criteria. Therefore, this violates the “comprehensive non-delegation principle” of Article 75 of the Constitution(“the President may issue presidential decrees concerning matters delegated to him/her by Act with the scope specifically defined and also matters necessary to enforce Acts”). 3. The meaning of “price, etc.” in Article 50-3(5) and the sub-regulations of the「Special Act on Public Housing」is not clear. Due to the ambiguity in the meaning of ‘price, etc.’ when calculating the conversion price for sale, legal conflicts between rental companies and lessees are increasing. This violates ‘the principle of legislative clarity’, which is the basic principle of a state governed by law as set forth in the Constitution. 4. The uniform regulation of the criteria for calculating the conversion price for sale of public rental housing excessively limits property rights, which are the basic rights of rental business owners. This violates the 'the principle of minimal infringement' and ‘balance of legal interests’ as stated in the Constitution. Overall, the legal system and regulations related to the calculation of the conversion price for sale of the current 5-year public rental housing are unconstitutional and need to be improved.