"Is BMW Under 36 Million Won?"... Imported Cars Line Up in Rental Apartment Parking Lots Despite Move-in Regulations

Regulation Limits Total Vehicle Value to 36.83 Million KRW
Reality Shows Imported Cars Still Lined Up

There is controversy as imported cars such as BMW and Ford, as well as expensive domestic cars, are lined up in the underground parking lot of LH (Korea Land and Housing Corporation) national rental apartments, which have clear move-in criteria.

This is not the first time such controversy has arisen; complaints about expensive vehicles like Porsche and Mercedes-Benz have been continuously raised before. LH has also announced that it will restrict parking of high-priced vehicles.

According to the photo posted by writer A, the apartment is lined with high-end imported cars such as BMW, Ford, and Cadillac, as well as domestic cars like Genesis, which easily exceed 40 million won in price.
[Photo by Online Community 'BobaeDream']

On the 13th, an online community, Bobae Dream, posted a post titled "Luxury Cars in National Rental Underground Parking" along with photos.

An announcement, apparently posted on the parking lot of an LH national rental housing complex since the 8th, states, "Due to continuous complaints and issues regarding the parking of high-priced vehicles in rental housing, LH is implementing registration and parking policies for high-priced vehicles," and "A full survey of high-priced vehicles registered in our apartment will be conducted."

According to the eligibility criteria for rental apartments under 60㎡ posted on LH’s website (for 2023), income must be "70% or less of the previous year's average monthly income of urban workers per household (for one person, 3,018,496 KRW)," and cars must be "a total combined value of all vehicles owned by the household of 36.83 million KRW or less."

Imported cars such as BMW and Ford, as well as high-end domestic cars, are lined up in the underground parking lot of LH (Korea Land and Housing Corporation) national rental apartments, where the move-in criteria are clear, sparking controversy.
[Photo by Yonhap News]

The management office stated that based on these criteria, a full survey of vehicles in the apartment will be conducted, and parking of vehicles valued over 36.83 million KRW will be prohibited. LH evaluates eligibility every 2 to 4 years based on separate income criteria, but it is known that vehicle changes during the contract period are not reviewed.

According to photos posted by user A, the apartment had expensive imported cars such as BMW, Ford, and Cadillac, as well as domestic cars like Genesis priced well over 40 million KRW.

A pointed out, "If the value exceeds 36.83 million KRW, it is normal that the person does not meet the move-in conditions and cannot register the vehicle for parking. Because of people driving such expensive cars in our apartment, those who really need it cannot move in. It is truly outrageous."

The management office said they will directly contact owners of vehicles suspected to be high-priced among the registered cars to submit vehicle registration certificates and verify the vehicle value.

Some netizens who read the post criticized, saying, "That level is nothing. In my neighborhood, there are Range Rovers, Mercedes-Benz, and Porsche," and "Is it normal that those who should receive benefits cannot, while people who use loopholes and tricks get comfortable?"

On the other hand, some netizens commented, "Rental cars are not owned by the person, so they are excluded from income criteria," and "There may be corporate-owned vehicles due to circumstances, so it is hasty to accuse everything as illegal or a trick."

Poor Enforcement Encourages Evasion

An information notice, believed to be posted in the parking lot of a public rental housing complex managed by LH, states, "Due to ongoing complaints and issues regarding the parking of high-end vehicles within the rental housing, LH's registration and parking policy for high-end vehicles will be implemented," and "A full survey of high-end vehicles registered in our apartment complex will be conducted."
[Photo by online community 'BobaeDream']

In the case of national rental apartments, residents can live without worrying about housing for up to 30 years by paying a low deposit and monthly rent in the 100,000 KRW range. Because of this, national rental apartments in the metropolitan area have high application competition rates and strict eligibility criteria.

For permanent rental housing for socially vulnerable groups, if the total asset value including real estate, cars, and financial assets exceeds 255 million KRW, application is not possible. Additionally, if the car value exceeds about 36 million KRW, eligibility is revoked. Practically, only domestic sedans or mid-sized sport utility vehicles (SUVs) can be owned.

However, as mentioned earlier, residents owning imported cars, large sedans, and even luxury sports cars are openly living in these homes. Due to lax move-in conditions and poor management, unintended people are receiving benefits.

This ultimately means many people have falsified their eligibility to move in. It is also pointed out that many register their luxury vehicles under their parents’ or corporate names to win rental housing.

Some voices say that poor enforcement encourages evasion. A netizen currently living in a national rental apartment complained, "The management office announced, 'High-priced vehicles cannot be registered, so get a visitor pass for long-term visits.'"

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