Kim Moonsoo Vows "Half-Price Rent Near Universities, Expanded Supply of Single-Person Apartments"

Announcement of Three Major Real Estate Pledges for Youth
"You Cannot Change the Future Without Changing the Lives of Young People"

Kim Moonsoo, former Minister of Employment and Labor and a preliminary presidential candidate for the People Power Party, announced his "Customized Real Estate Policy for Youth" pledges on April 22. His plan aims to reduce the housing burden on young people by designating half-price rent zones near universities and increasing the supply of single-person public apartments and officetels.

On the morning of April 22, at his campaign office in the Daehwa Building in Yeouido, Seoul, Kim unveiled his "Three Major Real Estate Pledges for Youth."

People Power Party presidential primary candidate Kim Moonsoo is holding a press conference to announce pledges related to youth real estate issues at the Daehwa Building campaign office in Yeouido, Seoul, on the 22nd. Photo by Yonhap News

Kim stated, "Without changing the lives of young people, we cannot change the future," adding, "From college entrance to marriage and childbirth, housing and home ownership are the most fundamental and urgent issues throughout every stage of life."

First, Kim pledged to designate "Half-Price Rent Zones" in one-room apartment areas near university districts, offering incentives such as easing floor area ratio and building coverage ratio regulations, as well as providing support for remodeling.

In the Seoul metropolitan area, the dormitory accommodation rate is only 18%, which is extremely low, resulting in high monthly rents for one-room apartments near universities.

Kim explained, "If market principles function properly through the half-price rent zones, students will benefit from lower rents, while one-room landlords will see their assets increase."

He also promised to expand the supply of single-person apartments and officetels.

Kim stated, "Ten percent of public housing will be specially allocated for single-person households, and officetels, which are favored by young people but whose supply is rapidly declining, will be excluded from the number of homes subject to heavy taxation."

He also plans to supply "multi-generational coexistence apartments," where married couples with children and their parents can maintain independent living spaces while living together. The government will provide incentives such as permitting changes in usage and increasing floor area ratios to encourage private companies to build these types of apartments.

Kim announced, "We will also introduce a 'combined subscription system,' which grants special priority points to families when the parent generation sells or rents out their existing home and applies together with their children."

Kim emphasized, "The increased supply of new real estate must be enjoyed by young people, who are the essential demand group. If young people are freed from real estate concerns, they can focus on their studies and economic activities, creating a virtuous cycle that will also have a positive impact on employment and the low birth rate issue."