Sim Sang-jung: "Public Housing at 20%... 5% Cap Applied to New Jeonse and Monthly Rent Contracts"

Utilizing National Assembly and Supreme Court Sites to Supply Housing in the Seoul Metropolitan Area
Guaranteeing Unlimited Extensions Without Restrictions on Lease Renewal Counts

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] Sim Sang-jung, the presidential candidate of the Justice Party, pledged on the 23rd to raise the proportion of public housing to 20% of the total housing stock. She promised to apply a 5% cap on rent increases for both contract renewals and new contracts to reduce the housing burden on tenants.

On the same day, Sim announced the "Citizen Safe Housing" pledge at a press conference at the National Assembly. She said, "Among the 44% of citizens without homes, half will be able to live in public housing," adding, "We will raise the proportion of public housing, including long-term public housing, land lease-type, and repurchase condition public owner-occupied housing, to 20%."

Regarding site acquisition, Sim stated, "We will establish the principle that only public housing will be supplied on public land," and added, "We will utilize various measures, including not only new construction but also purchasing houses from multi-homeowners." She explained that repurchase conditions will be applied to public owner-occupied housing, where the Public Housing Corporation will repurchase the property upon sale.

She also promised to build at least 160,000 to 250,000 houses in the Seoul metropolitan area, where supply shortages are severe, by relocating public institution sites. The sites mentioned include the National Assembly, Supreme Court, Supreme Prosecutors' Office, Yongsan Railroad Maintenance Depot, Guro Vehicle Base, part of the Yongsan US military base, and Gimpo Airport.

To protect tenants, she pledged to reform the jeonse and wolse rental system. Regarding the current two-year plus two-year contract renewal right, Sim called it a "temporary measure" and said, "We will guarantee tenants' 'right to continuous residence' by allowing contract extensions without limit." She promised to apply a 5% cap on rent increases upon renewal and to extend this cap to new contracts as well.

Additionally, she pledged to raise the eligibility for housing allowance for the homeless from 45% to 60% of the median income and to improve the minimum housing quality by applying minimum housing standards.

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