Yoon Suk-yeol: "Supply 100,000 Public Rental Houses Annually... Interest-Free Loans for Rental Deposits"

Announcement of Support Measures for Housing Vulnerable

Income Criteria for Housing Benefit Recipients Raised from 46% to 50% of Median Income

Yoon Seok-yeol, the People Power Party's presidential candidate Photo by Yonhap News

[Asia Economy Reporter Hyunju Lee] On the 24th, Yoon Seok-yeol, the presidential candidate of the People Power Party, announced plans to supply an average of 100,000 public rental housing units annually as a measure for housing-vulnerable groups.

On the same day, Yoon posted on his Facebook, stating, "National support for housing-vulnerable groups is an urgent task that cannot be postponed," revealing these plans.

He said that while increasing the supply of public rental housing, "public rental housing older than 30 years will be improved through complex development or remodeling," and added, "If private rental housing providers rent 30% of their supply to housing-vulnerable groups at two-thirds or less of the market price, they will receive corresponding tax benefits."

According to candidate Yoon, 3.7% of all households in South Korea live in vinyl houses, shacks, or goshiwon (small, cheap rooms). He said, "To help these people move to better homes, we will lend rental deposits interest-free and support moving expenses through vouchers to reduce their burden."

He continued, "We will expand the income criteria for housing benefit recipients from 46% to 50% of the median income," and stated, "We will establish a support system for heatwaves to minimize damage caused by climate change, and include management fees as part of the housing benefit." Since the age criterion for separating single-person youth households is 30, he added that the age eligibility for youth housing benefits will be lowered to under 30 years old.

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