Gwanak-gu Actively Promotes 'Good Landlord Movement' to Overcome COVID-19

Starting from Gwanak Sinsa Market Merchants Association... Spreading mainly to traditional markets and alleyway commercial districts... 427 landlords at 'Laboum Outlet' near Seoul National University Station also join in reducing rent by 50% for 3 months

[Asia Economy Reporter Jongil Park] Gwanak-gu (Mayor Park Junhee) is seeing the spread of the so-called ‘Good Landlord Movement,’ where landlords voluntarily reduce rent to share the pain of small business owners and self-employed individuals struggling due to COVID-19.

The district’s ‘Good Landlord Movement’ first began on March 3 at Gwanak Sinsa Market to help market merchants who were having a hard time as visitors stopped coming due to concerns about COVID-19 infection.

This movement has become a model for many landlords, and at ‘Laboum Outlet (CEO Choi Seonhyeok),’ a major large-scale store located at Seoul National University Station and a representative of Gwanak-gu, 427 landlords have announced that they will reduce 50% of their rent for three months.

Laboum Outlet stated that they actively persuaded landlords to achieve this result to support tenants struggling due to COVID-19.

A representative of Laboum Outlet said, “Landlords, tenants, and the management company have all united and decided to share the pain together during these difficult times. We hope this exemplary case spreads widely to help small business owners even a little and to contribute to overcoming the COVID-19 crisis.”

Currently, 476 landlords in Gwanak-gu are participating in the ‘Good Landlord Movement,’ significantly reducing rent for 612 stores, sharing pain and adding hope.

The government is preparing a plan to provide a 50% tax credit on income tax and corporate tax for the reduced rent to promote the nationwide spread of the ‘Good Landlord Movement’ and is currently revising the Enforcement Decree of the Restriction of Special Taxation Act.

Seoul City plans to support good landlords with up to 5 million KRW for building repair fees and electrical safety inspection fees, as well as additional disinfection support.

In line with this, the district is cooperating with related organizations to widely promote the benefits of participating in the ‘Good Landlord Movement’ and is making all-out efforts for comprehensive publicity to encourage many landlords to participate.

Mayor Park Junhee said, “I deeply appreciate the great interest and participation in the ‘Good Landlord Movement,’ which will be a great hope for small business owners to overcome difficulties and stand up. We will do our best to ensure that this difficult time due to COVID-19 ends as soon as possible.”