Yeom Tae-young, "Supplying 125,000 'Hybrid Houses' Leveraging Rental and Sale Advantages"

Published 18 Apr.2022 10:51(KST)

Updated 18 Apr.2022 11:02(KST)

"Supply Over 30% of Housing as Specialized Units" Pledge

Yeom Tae-young, preliminary candidate for Governor of Gyeonggi Province from the Democratic Party of Korea (center in the photo), is announcing real estate pledges at the National Assembly Communication Hall on the morning of the 18th. [YouTube broadcast capture]

[Asia Economy Reporter Ra Young-cheol] Yeom Tae-young, a preliminary candidate for governor of Gyeonggi Province from the Democratic Party of Korea, announced a real estate pledge that incorporates housing policies centered on demand and region by leveraging the advantages of both rental and sale.

On the morning of the 18th, Yeom Tae-young made this housing policy announcement at the National Assembly Communication Hall, stating, "In cooperation with the government on projects such as the 3rd New Town, we plan to supply more than 250,000 public housing units, of which 50% (approximately 125,000 units) will be provided as 'Gyeonggi-do Hybrid Housing'."

Yeom’s 'Gyeonggi-do Hybrid Housing' applies differentiated housing sale prices and rental fees according to income levels. The sale price will be supplied at cost, and rental fees will be adjusted differently for youth and low-income groups.

In particular, more than 30% of the supply will be specialized housing tailored to life stages such as single or two-person households, childcare, working, retirement, and seniors. The pledge also includes studio-type housing for singles, startup-type housing, multi-child family housing, SOHO (Small Office/Home Office) housing, housing for arts and sports professionals, barrier-free housing for the elderly and disabled, and generation-separated housing.

Yeom criticized, "Irresponsible policies that tell people to borrow money to buy houses during recessions and then try to control housing prices with all kinds of regulations and supply offensives when prices rise must now be discarded. The current system, which does not even give young people and those with low income the opportunity to buy a home, must be boldly reformed."

He continued, "Flexible policies are needed that provide money when money is needed, credit when credit is needed, and wait as long as necessary so that poor citizens and young people can actually own their homes. I promise to supply 'Gyeonggi-do Hybrid Housing' as a driving force for home ownership among ordinary citizens and young people as an alternative."