Jung Won-oh, the Democratic Party's candidate for Seoul mayor, announced on May 18 that he plans to reduce initial costs for newlywed housing and expand rent support for young people.
During a press conference in front of Seoul City Hall in Jung-gu, Jung unveiled his "Three Major Housing Stability Measures for Youth and Newlyweds." According to his proposal, 10,000 affordable homes for newlyweds and 30,000 public rental units will be made available. The affordable homes will include equity accumulation, profit-sharing, and land lease types to lower initial costs. The equity accumulation model allows buyers to pay 15-25% of the equity upfront and then acquire the remaining shares over 20-30 years while adjusting rent and lease terms as needed.
An additional budget of 800 billion won will increase the number of youth eligible for rent support from 20,000 to 50,000. This funding will be sourced from cuts to projects initiated by Oh Se-hoon’s administration, such as the Han River Bus and the audit of the city’s workforce.
Furthermore, Jung plans to provide 50,000 housing units for young people, including 7,000 university dormitories, 20,000 affordable shared housing units with reduced rent, and 23,000 public rental homes. He stated, "We operate a shared housing facility near Hanyang University in Seongdong-gu, which is well-received by students, landlords, and residents alike. We plan to expand this model throughout Seoul."
To address the ongoing rental crisis, Jung aims to accelerate housing supply. By next year, he plans to complete the construction of 67,000 units, including 60,000 from redevelopment projects and 7,000 from public rental housing reconstruction, along with 20,000 new purchase rental homes.
After the announcement, Jung spoke to reporters regarding the missing rebar issue in the GTX-A section at Samsung Station, asserting, "There is evidence that Oh Se-hoon, the candidate from the People Power Party, is responsible." He criticized attempts to dismiss the issue as a "rebar myth," stating, "Avoiding and hiding from the problem reflects a lack of safety awareness, which is why accidents occur."
* This article has been translated by AI.
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