Song Young-gil Differentiates from Outward-Woo Administration: "150,000 Public Rental Houses to Convert to 'Rent-to-Own'"

Candidate Song: "Mayor Oh Se-hoon has done a lot of superficial administration, but actual care for citizens is lacking"

Nuguyajip, 10% equity investment with 10 years residence followed by 'initial confirmed sale price' sale
Guryong Village, issuing real asset-based 'digital assets' to promote citizen-participatory development
Development profits of 27 trillion won to be distributed to citizen investors and expanded reinvestment in the public sector

[Asia Economy Reporter Oh Ju-yeon] Song Young-gil, the Democratic Party of Korea's candidate for Seoul mayor, announced on the 18th that he will convert 180,000 public rental housing units into "rent-to-own" homes that allow residents to eventually own their homes.

Song Young-gil, the Democratic Party of Korea's candidate for Seoul mayor, is announcing real estate-related pledges at the National Assembly Communication Office on the 18th. Photo by Yoon Dong-joo doso7@

On the morning of the same day, Song announced this real estate policy pledge at the National Assembly Communication Office. Following last week's announcement of the "410,000 Housing Supply Project," he additionally presented policies on public rental housing and the development plan for Guryong Village.

The first pledge Song announced includes converting 150,000 of the 230,000 rental housing units owned by SH Corporation into rent-to-own housing.

Among existing rental housing, permanent rental and national rental units without deposits will remain as rental housing as before, but if reconstruction is necessary, they will be supplied as rent-to-own housing. For the remaining 150,000 eligible rental units, an option to convert to rent-to-own will be provided to offer a pathway to homeownership for low-income households without homes.

Song also stated that 100,000 newly supplied public housing units will be provided as rent-to-own homes with homeownership functions. Furthermore, even while expanding rent-to-own, he emphasized that he will significantly increase the supply of new rental housing to ensure the achievement of his promised "20% by 2030" target.

Song proposed "Nuguna Jip" as a solution to convert existing public rental housing into homes at the initial fixed sale price. Nuguna Jip is a rent-to-own housing model where residents can live for 10 years at a low rent by owning only 10% equity and then purchase the home at the initial fixed sale price. He explained that 150,000 public housing units will be converted into Nuguna Jip, with the initial fixed sale price set at the current appraisal value, allowing conversion at the current price even after 10 years. Through this, he aims to gradually reduce the high dependency on rental public housing supply mix.

As a second pledge, he said he will promote the development of Guryong Village as a "citizen-participatory public development" involving Seoul citizens.

Song said, "Through the public development of Guryong Village, we will supply 12,000 housing units, of which 5,000 units will be offered as half-price apartments to youth and newlyweds," adding, "These 5,000 units will be supplied as Nuguna Jip at cost price of 500 million KRW (20 million KRW per pyeong). Youth and newlyweds only need 10% of the sale price, 50 million KRW, to live at low rent for 10 years and then purchase their home at the initial fixed sale price."

He also explained that the underground and outdoor spaces of Guryong Village will be developed into a "Gangnam cultural and arts hub" encompassing all households, providing Seoul citizens with a cultural and relaxing space.

After the press conference, Song met with reporters and responded to a question about "closing the gap with Seoul Mayor Oh Se-hoon" by saying, "I believe the gap will narrow with today's policy." He criticized, "Oh's administration focused on superficial projects like the Hangang Renaissance and Saebit Floating Island, but neglected the real needs of citizens, to the extent that the term 'Oseidon' arose due to flooding," and emphasized, "I will present solutions to real estate issues with substantive content."

He noted that it takes more than four years to supply housing and evaluated this policy announcement by saying, "We are offering 150,000 units at fixed sale prices. This gives hope to 150,000 tenants."

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