The Seoul Metropolitan Government will supply 130,000 public housing units by 2031 to stabilize housing for citizens without homes.
Oh Se-hoon, mayor of Seoul, on the 31st announced the Comprehensive plan for housing stability for citizens without homes at Seoul City Hall headquarters. The measure was prepared as rental listings decreased due to the government's tougher occupancy requirements and regulations on owners of multiple homes, intensifying tenants' housing instability.
The city will first move up the timeline to supply 130,000 public housing units. It will supply 123,000 units through existing channels such as the Long-term安心 jeonse program, and 6,500 units under the "Immediate My Home" program, which transfers ownership immediately upon payment of the down payment.
Immediate My Home consists of 6,000 land-lease units, in which the public owns the land and residents pay only rent, and 500 installment units, in which residents pay only 20% of the sale price as a down payment and then repay the balance over 20 years at a low interest rate after moving in. The installment-type Immediate My Home will be supplied immediately from the end of this year.
The city will also carry out redevelopment of aging public rental housing over 30 years since completion, which has high repair and maintenance costs. In addition, it will add for-sale units by conducting high-density development of 33,000 aging rental units. The main plan is to redevelop three complexes—Gayang 9-1, Seongsan and Junggye 4—to supply a total of 9,000 units combining public rentals and for-sale units. The leading projects, Sanggye Madeul and Hagye 5 complex (1,700 units), are being supplied entirely as rental housing, with move-ins slated for 2030.
The city will also strengthen management of relocation timing for redevelopment projects. It will ease the criterion for adjusting project timing from more than 2,000 households to more than 1,000 households, and will link and analyze conditions in adjacent districts to speed up relocation. It will also expand financial support. Interest-free loans for Long-term安心 housing will be expanded from 30% of the deposit (up to 60 million won) to 40% (up to 70 million won). The scope of beneficiaries will be broadened from a focus on youth and newlyweds to include 250 low-income middle-aged households and 250 households whose registered rental contracts have expired.