'Cheongsim Attack' Ahn Cheol-soo... "Priority Supply of 500,000 Ansimsutaek for Youth"

45-Year Long-Term Mortgage Loan Support, Youth Campus Pledge

Ahn Cheol-soo, the presidential candidate of the People’s Party, is announcing the third youth pledge related to home ownership for young people at the National Assembly on the 19th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Jun-yi] Ahn Cheol-soo, the presidential candidate of the People’s Party, promised to prioritize supplying 500,000 land-lease youth security housing units to young people after his election. He also revealed plans to reduce young people’s housing cost burdens through a 45-year ultra-long-term mortgage loan supported by the government.

On the 19th, Ahn held a press conference at the National Assembly and announced his third pledge, the “Youth Housing Pledge.” He criticized, “The Moon Jae-in administration’s real estate policy disaster is a 27 at-bats with no hits, probably an unprecedented pledge in Korean history,” adding, “It completely took away young people’s dream of owning a home.”

He then promised to supply 500,000 land-lease youth security housing units for young people over five years. He explained, “Out of the 2.5 million housing units to be supplied, 1 million will be constructed as land-lease security housing, and half of these, 500,000 units, will be prioritized for young people,” adding, “The land-lease security housing will be built by maximizing the use of national and public land.”

He also revealed plans to supply the security housing built in Seoul and regional hub cities in the form of ultra-high-rise mixed-use “Youth Campuses.” This means creating complex urban spaces that include housing, startup spaces, office spaces, and living spaces. To this end, he added plans to enable the construction of ultra-high-rise housing through increased floor area ratios.

Ahn also pledged to guarantee young people’s opportunities to secure housing through a “45-year ultra-long-term mortgage loan” (housing mortgage loan). This involves paying interest at the base interest rate level with an 80% LTV for 15 years and repaying the principal after 30 years. He said, “This will be a solid foundation for young people to confidently plan their lives,” adding, “By allowing a 15-year grace period during which only interest is paid, it increases the possibility for young people to accumulate a lump sum and can drastically reduce the current abnormal housing cost burden.”

When asked by reporters about the funding plan for the pledge to supply 2.5 million housing units, he said, “After calculating, this is the most realistic plan,” explaining, “I spread out a map of the entire Seoul area and looked for all available places. Although very small in scale, there are unused lands owned by public institutions, and if there are plans to relocate, once they move, we can use those lands.”

Regarding plans to secure idle land, he responded, “The undergrounding of the Yongsan high-speed railway has been discussed for a long time but has not even started,” adding, “The next government must start this so that we can at least secure the scarce land in Seoul.”

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