Kim Moonsoo Announces Housing Market Stabilization Pledge: "250,000 Homes to Be Supplied in Seoul Over Five Years"

Housing Policy Pledge for "A Country Without Housing Worries"
Purchase of 10,000 Unsold Homes After Completion... "To Normalize Regional Demand"
Public Housing with Free Choice Options... "Enhancing Homeownership Options"

On May 29, Kim Moonsoo, the presidential candidate of the People Power Party, announced a housing market stabilization pledge that includes supplying 250,000 housing units in Seoul over the next five years and purchasing 10,000 unsold homes after completion.

On the previous day, Kim unveiled his housing policy pledge titled "A Country Without Housing Worries" on his social networking service (SNS) account.

Yonhap News Agency

First, to stabilize the housing market, he plans to supply 250,000 homes in Seoul over five years. To achieve this, he will delegate redevelopment and reconstruction permit authority to local districts to shorten project timelines and increase the supply of purchased rental housing. He also pledged to establish housing supply promotion zones in railway depots, areas near train stations, and quasi-industrial districts.

To normalize demand in the stagnant regional housing market, he will purchase 10,000 unsold homes in regional areas after completion. When purchasing regional homes, restrictions on the number of owned homes will be relaxed, and such purchases will be excluded from heavy taxation.

In addition, he pledged to increase homebuyers' freedom of choice by allowing public housing to be supplied with options for rental, shared ownership, or sale.

Previously, Kim proposed solutions for youth housing issues, such as expanding the supply of half-price rental villages near universities, single-person apartments and officetels, and promoting the distribution of co-living homes with separated living spaces. He also introduced the "3-3-3 Youth Housing" pledge, which would provide housing cost support for a total of nine years: three years after marriage, three years after the birth of a first child, and three years after the birth of a second child.

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