Oh Se-hoon, the People Power Party candidate for Seoul mayor, unveiled a housing plan on May 17 aimed at assisting young people without homes.
At his campaign office in Gwancheol-dong, Seoul, Oh introduced the 'Seoul Home' initiative, which allows young individuals to purchase a home by paying just 20% of the price of a property valued at 1.2 billion won or less, the current median price for homes in Seoul. Under this plan, the Seoul Housing and Communities Corporation (SH) will buy the selected property and provide it to the applicants.
Young buyers will only need to cover 20% of the home price, while SH will bear the remaining 80%. Although SH will hold 80% of the ownership, residents will have full control over all decisions regarding the property. When they sell the home, they will receive a return based on the market value proportional to their ownership stake. However, as this policy is intended for actual residents, subletting is not permitted. Approximately 300,000 households of young people without homes are eligible for this program, which aims to supply 2,000 units annually, totaling 8,000 units during Oh's term.
Oh's campaign team explained that this pledge completes the 'Seoul Chance' housing policy, which includes previously announced initiatives such as 'Miri Home,' 'Baro Home,' 'Sasak Studio,' and 'Youth Safe Housing.'
He stated, "We will provide a 'Seoul Chance' for young people who lack financial resources to take the first step toward homeownership instead of relying on parental support."
Funding for this initiative will come from public contributions generated during urban planning processes. The core of this funding model is the 'pre-negotiation system,' which allows the government to recapture a portion of the profits from private developers who enhance the viability of large-scale projects through zoning changes. This system was first introduced by the Seoul city government in 2009 under Oh's first term and has accumulated over 10 trillion won in public contributions to date.
Oh emphasized that since SH will own 80% of the housing shares, the related funds will continue to grow, creating a virtuous cycle that can assist other young people in need.
In a separate matter, Oh addressed the issue of missing rebar in the GTX-A line at Samsung Station, stating, "I learned about this yesterday, and upon investigation, it was purely the fault of Hyundai Engineering & Construction." He denied allegations of a cover-up by the Democratic Party candidate Jeong Won-o.
He added, "Hyundai Engineering has discussed corrective measures with experts, which will actually strengthen the structure. It seems that the Jeong campaign is feeling the pressure, as they are politicizing a simple mistake made by the construction company."
* This article has been translated by AI.
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