Oh Se-hoon, the People Power Party’s candidate for Seoul mayor, pledged to supply about 130,000 public housing units by 2031 and expand long-term lease housing designed to reduce fears of jeonse fraud.
Oh announced the proposal on May 6 as part of what his campaign called a comprehensive plan to strengthen a “housing mobility safety net.” The plan focuses on three pillars — expanding supply, providing financial support and lowering housing costs — to stabilize housing for residents without homes, his camp said.
Under the slogan that “the answer to the housing problem is overwhelming supply,” Oh said he would provide 123,000 public rental units and 6,500 public for-sale units by 2031. He also proposed a “Baro Nae Jip” model that includes land-lease apartments priced at about half of nearby market levels and installment-plan apartments requiring a 20% upfront payment, aiming to lower barriers to homeownership. He said long-term lease housing with no jeonse fraud risk would expand from 37,000 units to 106,000 by 2031.
Oh also called for restoring Seoul’s share of the national Housing and Urban Fund. His camp said Seoul residents have contributed about 25 trillion won through housing subscription savings, but only about 10 trillion won has been invested in housing projects in Seoul. Oh said he would push to expand the fund and strengthen support for private-sector housing supply, including land purchases and construction costs. “Seoul has been building a housing promotion fund for the past year and now holds about 5 trillion won,” he said. “If I become mayor, I will press the government more strongly to increase it to 10 trillion won.”
The plan also includes life-stage housing cost support. Oh said the city would raise the ceiling for interest-free deposit loans under the Long-term Safe Housing program to up to 70 million won and support loan interest for newlywed couples living in public rentals for up to 12 years. Youth monthly rent support would be extended from 10 months to 12 months, and eligibility would expand to single-parent families and victims of jeonse fraud, among others. For middle-aged residents without homes, he proposed a new “matching savings account” program combining rent support with city-backed savings to help participants build a 10 million won nest egg.
Oh also proposed a three-step protection system to prevent jeonse fraud. Before signing, renters would receive a risk pre-screening service. During the contract process, a certified real estate agent serving as a “safety manager” would accompany them. After signing, the city would support insurance premiums for guarantees that protect the return of jeonse deposits, and would provide 100% coverage for vulnerable groups such as young people.
Oh on May 6 also formally launched the “Real Estate Hell” Civic Countermeasures Council. “I will go deeper into the field and step up efforts to convey, in citizens’ own voices, the hardships that residents without homes are facing, including turmoil in the rental market,” he said.
* This article has been translated by AI.
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