Lee Nak-yeon: "We Will Fully Implement the Youth Housing Benefit System"

Gradual Upgrade of System Beneficiaries and Realistic Adjustment of Benefit Amounts

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Lee Nak-yeon, former leader of the Democratic Party of Korea, announced that starting next year, a youth housing benefit system will be fully implemented for single-person households aged 19 to 34 with certain income thresholds.

On the 11th, at the ‘Youth Single-Person Household Policy Discussion’ co-hosted with Mindalpaengi Union, Lee said, “Currently, housing benefits are only provided to those with a monthly income below 820,000 KRW, but we will gradually expand the eligibility to include young people earning the minimum wage level and adjust the benefit amount to match rental prices.”

Mindalpaengi Union is a non-profit private organization working to improve youth housing issues as housing problems have emerged as socio-economic inequality issues.

Lee emphasized, “There are currently deposit and monthly rent loan systems for youth, but most are for Jeonse loans, and monthly rent support is extremely limited. By having the state subsidize part of the rent, young households who find it difficult to receive family support will be provided equal opportunities to start their social lives anywhere in the country.”

He continued, “We must impose appropriate taxes on multi-homeowners to curb speculation and guarantee housing rights so that young people do not suffer from monthly rent burdens. This is essential for the sustainable growth of our country.”

He also expressed his intention to establish a ‘right to housing’ in the Constitution.

Currently, Article 35, Clause 3 of the Constitution states, “The state shall endeavor to enable all citizens to live in pleasant housing through housing development policies,” but he aims to go further by explicitly stating in the new Constitution that “all citizens have the right to pleasant and stable housing,” thereby strengthening the state’s responsibility.

He pointed out, “The minimum housing area per person in Korea is 4.2 pyeong (14㎡), which is slightly larger than a parking space but significantly smaller than Japan’s 7.5 pyeong (25㎡) and the UK’s 11 pyeong (39㎡). We will raise minimum housing standards, establish appropriate housing standards comparable to advanced countries, and introduce criteria for proper soundproofing, lighting, and ventilation to dramatically improve housing quality.”

Additionally, he proposed various housing measures for youth single-person households, including ▲expanding supply of housing exclusively for single-person households ▲housing upgrade support projects for youth living in “Jihok-go” (basements, rooftop rooms, and goshiwon) ▲utilizing multi-homeowners’ comprehensive real estate tax payments as housing welfare funds for homeless youth and single-person households ▲creating safe housing environments where individuals living alone can feel secure from crime, illness, and loneliness ▲establishing a Presidential Office-hosted Future Generation National Strategy Meeting, among others.

Lee set ‘housing’ as one of the eight new welfare sectors to realize the recently announced national vision of “A country that protects my life.” The government is exploring various policy alternatives with a stance of taking responsibility for youth housing welfare.

Finally, he added, “I will do my best to establish ‘real estate justice’ so that hardworking young people can realize their dream of owning a home.”