DPK Goes All Out to Secure Sites and Funds for Youth Housing Supply

Debates on Housing Supply in Quasi-Industrial Areas
Expansion of the Housing and Urban Fund Also Promoted

The Democratic Party of Korea has embarked on an all-out effort to increase the supply of youth housing, pursuing strategies such as securing new sites and overhauling relevant policies. The party has explored ways to secure youth housing by utilizing land in areas such as Yeongdeungpo and Yongsan Park in Seoul, as well as mobilizing additional financial resources.

On September 10, the Democratic Party's Seoul Metropolitan Party's Special Committee on Housing Supply Policy hosted a 'Youth and Newlywed Housing Policy Forum' at the National Assembly. The main agenda was to discuss measures to provide rental housing at prices affordable to young people. Assemblyman Kim Nam-keun of the Democratic Party stated, "Among the key discussions, there are many quasi-industrial areas in Seoul such as Yeongdeungpo, which no longer function well as industrial complexes. Proposals were made to convert such sites en masse into residential properties and to promote small-scale redevelopment or maintenance projects to create youth housing." Regarding the scatter sites adjacent to Yongsan Park (including the United Nations Command, the Transport Command, and Camp Kim), Assemblyman Kim said, "There is a suggestion to have the government develop these sites into affordable youth housing."

There was also a call to expand the Housing and Urban Fund as a financial resource. Assemblyman Kim said, "To supply youth housing, financial resources are essential, and in order to actively secure such resources, the Housing and Urban Fund must be expanded." He added, "The idea is to expand the Housing and Urban Fund through proactive fiscal policy and use the funds for public housing initiatives such as youth housing in Seoul." He further explained, "The Ministry of Land, Infrastructure and Transport prepared about 1 trillion to 1.2 trillion won, but after raising issues, the amount now being discussed is around 2 trillion won. There is also talk of increasing the fund to about 6 trillion won by adding an additional 4 trillion won from the Future Response Fund." He added, "In order to resolve Seoul's housing shortage and broader metropolitan issues, a more aggressive fiscal policy is necessary."

There were also demands for the Seoul Metropolitan Government to actively support youth housing initiatives.

Assemblyman Oh Gi-hyeong of the Democratic Party said, "When youth housing plans are announced, there is opposition in each region, and it is frustrating to figure out how to supply housing across Seoul when individual districts refuse to cooperate. It would be ideal for Mayor Oh and the Democratic Party to work together on how to convince these areas."

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