Announcement of Youth Real Estate Pledge…”Introduction of ‘Intergenerational Coexistence Apartments’ for Couples and Parents”
Kim Moon-soo, a People’s Power presidential primary candidate, announced on the 22nd his plans to address youth real estate issues through three key policies: reducing rent by half in university areas, expanding supply of one-person apartments and office-tels, and promoting housing that supports intergenerational coexistence.
In a press release, Kim emphasized the need for real estate policies tailored to young people that support them from university through employment, marriage, and childbirth.
“The dormitory accommodation rate at major universities is only 18%, and nearby studio apartments are excessively expensive,” Kim stated. He proposed easing the floor area and building coverage ratios in areas around university studio apartment clusters to allow for private units to be supplied at half price.
Moreover, Kim promised to construct at least 10% of public housing specifically for single households and provide them through special allocations. He also aimed to exclude office-tels from the tax bracket for multiple homes and to offer tax deductions of 5% per year if held for more than ten years before being sold.
‘Intergenerational Coexistence Apartments’ would allocate 25% of public housing land to apartments equipped with caregiving facilities, allowing couples with children to live independently but in proximity to their parents.
Kim also mentioned plans to introduce a ‘Combined Application System’ where if parents sell or relocate from their existing homes, they are given special bonus points to apply for housing alongside their children.
Kim expressed optimism that resolving young people’s real estate issues would enable them to focus on education and economic activities, potentially creating a positive cycle that impacts employment and low birth rates.