Park Young-sun, "30% Rent Reduction for Small Business Owners... Half Supported by Seoul City"

'Hot Rent Support Program' Announced... Rent Reduced by 30%
Seoul City Supports Half (15%) of the Discount for Applying Landlords
Also Eligible for 50-70% Tax Credit

[Asia Economy Reporter Oh Ju-yeon] Park Young-sun, the Democratic Party of Korea's candidate for Seoul mayor, announced plans to reduce rent for small business owners and self-employed individuals struggling due to COVID-19. The plan aims to lower the rent burden for small business owners by 30%, and for landlords who apply for this, Seoul City will support half of the reduced amount (15%) while also enabling them to receive a tax credit ranging from 50% to 70%.

Park Young-sun, the Democratic Party of Korea's candidate for Seoul mayor, held a press conference on the 17th at the Anguk Building in Jongno-gu to announce the introduction of the 'Generous Support System for Good Landlords.' Photo by Park's campaign team.

On the 17th, Candidate Park held a press conference at Anguk Building in Jongno-gu, Seoul, and announced that upon taking office as mayor, she would enact the 'Good Landlord Support Ordinance' and implement the 'Bold Rent Support System.'

Candidate Park said, "Seoul City will support half (15%) of the rent reduction amount to landlords who reduce small business owners' rent by 30%."

She added, "Landlords who apply for Seoul City's bold rent support will receive half of the reduced rent amount as support and also benefit from the government's good landlord tax credit (50% to 70%)."

She continued, "If tenants cannot bear the rent burden and cease operations, it does not end as a problem for tenants alone. Landlords also suffer significant losses due to vacant commercial spaces, and local governments and the nation inevitably face serious tax revenue losses and increased welfare costs."

Candidate Park also pledged, "In addition to the previously announced 'Youth Starting Assets' pledge, which provides loans to entrepreneurs in their 20s and allows repayment of the principal over 10 years starting at age 30, we will also introduce the 'Seoul-type PPP (Paycheck Protection Program)' that offers loans covering salary costs for small business owners and young entrepreneurs."

This content was produced with the assistance of AI translation services.