Seoul Mayor Oh Se-hoon criticized the "scrapped-bus youth housing" proposed by Democratic Party of Korea lawmaker Hwang Hee and said he would supply 74,000 youth housing units by 2030 to stabilize housing for young people.
Oh said on the 12th via his Facebook that he met young people at the Gaebong-dong Youth Safety Housing in Guro District and heard their views on housing costs and housing policy.
Oh introduced a young person who, in a situation where monthly rent had risen sharply and even living expenses had to be cut, won a spot in Youth Safety Housing and eased the burden of housing costs. Another young person said that after moving into Youth Safety Housing, the reduced housing costs allowed preparation for a certification exam.
He said, "When monthly rent goes up, young people save that much on meals, put off self-improvement, and give up on saving," adding, "As home prices and rents rise together, it has become even harder to save the seed money to move up to the next step even with hard work."
He added, "For young people, housing is a 'ladder of life,' a foundation to endure today, prepare for tomorrow, and move toward a better future through saving and taking on challenges."
He also criticized Democratic Party of Korea lawmaker Hwang Hee's recent proposal to convert decommissioned buses into short-term housing for college-area youth. Oh noted, "The recent absurd idea of converting scrapped buses into youth housing likely came from a failure to properly understand what housing means to young people."
Seoul City is pursuing, including Youth Safety Housing, the "Seoul-style Sprout One-room" to lower housing burdens for college students; "Stepping-stone Housing," which supports housing stability and asset building; and "Home Right Away," which transfers ownership immediately upon paying the down payment and allows the balance to be paid in long-term installments over 20 years. Through this, it plans to supply a total of 74,000 youth housing units by 2030.
It will also expand housing cost support. The interest support for jeonse deposit loans will be expanded to young people with annual incomes up to 50 million won, and 23,000 people per year will receive 200,000 won in monthly rent support. For young people who do not receive monthly rent support, part of their maintenance fees will be covered.
Oh said, "We will continue to mobilize all of Seoul City's capabilities to protect the housing ladder for young people," adding, "We will show results through action, not words, and through outcomes, not plans."