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주택소유자 사회의 모순과 한국의 자가점유율 정체: 주택의 불로소득화와 전세제도의 금융화

The Rentierization of Housing and The Financialization of Chonsei

이후빈
한국공간환경학회 (The Korean Association Of Space And Environment Research)|2024.06|공간과 사회 (Space and Environment)|제34권 제2호|pp. 293-338|DOI 10.19097/kaser.2024.34.2.293

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참고문헌

키워드

전세자금대출주거불평등주택의 금융화Housing InequalityFinancialization of HousingChonsei Loan주택소유자 사회주택의 불로소득화Homeowner SocietyRentierization of Housing
주제분류지리학

초록

이 논문은 주거불평등의 최근 논의를 비판적으로 검토한다. 논의를 단순히 정리하는 것을 넘어 이를 기초로 한국의 현재 주거불평등을 이해할 수 있는 실마리를 제공하고 한국의사례가 세계적 논의에 새롭게 기여하는 시사점을 파악하려고 노력한다. 구체적으로 영미권주택소유자 사회 논의를 현상, 설명, 의미로 정리하면서, 이를 기초로 한국의 자가점유율정체 아래 주거의 계층화를 설명할 수 있는 틀을 제시한다. 최근 영국, 미국, 호주 등 주택소유자 사회에서 금융을 활용하여 주택소유를 촉진하려는사회경제적 노력이 오히려 주택소유를 제한하는 모순적 현상이 발현했다. 주택공급을 동반하지 않은 신용 확장과 이에 따른 주택가격 상승은 주택소유 확대라는 원래 목적을 주거 부담가능성 악화로 제한할 수 있다. 결과적으로 주택소유자 사회는 불로소득자 사회가 되었다. 가격 상승에 따른 주택소유 진입장벽의 공고화는 주택을 더욱 희소한 자산으로 만들었고, 주택시장 내부자는 축적재산을 활용한 임대주택 투자로 더 많은 지대를 추출했다. 이러한 논의를 한국에서 주택소유가 아니라 전세제도에 적용할 때, 우리는 자가점유율정체와 주거불평등 악화를 새로운 관점에서 바라볼 수 있다. 전세제도의 금융화는 임대 부문으로부터 주택소유 배제와 민간임대 불안정을 촉진했고, 임차인 전세자금대출과 결합한임대인 갭투자는 주택가격 상승에 따른 이익과 비용의 분배를 극한에 이르도록 하는 한국형 불로소득화의 최전선에 해당한다. 이처럼 독특한 사례는 양도차익의 절대적 규모를 넘어 자기자본 수익률을 기준으로 불로소득화의 속도를 고찰할 수 있는 계기를 제공한다. 물론 이러한 설명틀은 하나의 초기 시도로서 아직 정교하지 않고 향후 엄밀한 실증분석으로검증받을 필요가 있다.

Abstract

This paper critically reviews the recent debates on housing inequality. Beyond simply summarizing the debates, it seeks to provide clues to understand the current housing inequality in South Korea and identify potential contributions of the South Korean case to the global debate. Specifically, it examines the debates on the Anglo-American homeowner society, focusing on the descriptions, explanations, and meanings of a contradictory phenomenon. Based on such examination, this study presents a framework to explain how housing stratification could unfold in South Korea despite its stagnant owner-occupancy rate. In recent years, homeowner societies, such as the United Kingdom, the United States, and Australia, have experienced the contradictory phenomenon in which socioeconomic efforts to promote homeownership using finance instead restrict homeownership. The expansion of credit without housing supply and the resulting rapid rise in housing prices can limit the original purpose of expanding homeownership and worsen housing affordability. As a result, the homeowner society ushered in a rentier society. The rising entry barriers to homeownership derived from increasing housing prices have made houses a more scarce asset, and housing market insiders extracted more rent by investing in rental houses using their accumulated wealth. When we apply such debates to the Chonsei rather than homeownership in South Korea, we can look at the stagnation of owner-occupancy rates and rising housing inequality from a new perspective. The financialization of Chonsei has fostered homeownership exclusion and increased the instability of private rental households. Furthermore, landlord’s gap investments based on tenant’s Chonsei loans are at the forefront of South Korean-style rentierization, which has worsened the uneven distribution of benefits and costs from rising house prices. This unique case provides an opportunity to examine the speed of rentierization based on the return on equity beyond the absolute scale of capital gains. Of course, this explanatory framework is an initial attempt and needs to be refined and validated with rigorous empirical analysis.

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