Oh Se-hoon, the People Power Party candidate for Seoul mayor, unveiled a housing initiative on May 17 aimed at assisting young people without homes.
At his campaign office in Gwancheol-dong, Seoul, Oh announced the 'Seoul Home' plan, which allows young people to purchase a home by paying just 20% of the price. Under this initiative, eligible young buyers can select a property priced at or below the median housing price of 1.2 billion won (approximately $1 million) and apply for assistance from the Seoul Housing and Urban Development Corporation (SH).
Participants would pay 20% of the home price, while SH would cover the remaining 80%. Although SH retains 80% ownership, residents can make all decisions regarding buying and selling the property. When they sell, they will receive a return based on their ownership share. However, as this program is intended for actual residents, renting out the property is prohibited. The initiative targets approximately 300,000 households of young people without homes, with an annual supply of 2,000 units, totaling 8,000 units over the mayor's term.
Oh's proposal is part of a broader housing strategy that includes previously announced programs such as 'Miri Home,' 'Baro Home,' 'Sasak Studio,' and 'Youth Safe Housing,' completing what his campaign refers to as the 'Five Types of Seoul Chance Housing' policy.
"I want to enable young people with limited financial resources to take their first step toward homeownership, allowing them to use 'Seoul Chance' instead of relying on parental support," Oh stated.
Funding for this initiative will come from public contributions generated during urban planning processes. A key component of this funding is the 'Pre-Negotiation System,' which allows the city to recapture a portion of development profits when private developers enhance the viability of large sites through zoning changes. This system was first implemented by the Seoul city government in 2009 under Oh's first term and has accumulated over 10 trillion won (approximately $8 billion) in public contributions to date.
Oh emphasized that since SH will own 80% of the housing shares, the related fund will continue to grow, creating a virtuous cycle that can assist more young people.
In a related matter, Oh addressed concerns regarding missing rebar in the GTX-A line construction at Samsung Station, stating, "I learned about this issue yesterday, and upon investigation, it appears to be purely the fault of Hyundai Engineering." He denied allegations of concealment from 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 pressured to politicize a simple construction mistake."
* This article has been translated by AI.
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