Jung vows to expand youth rent support from 20,000 to 50,000; Oh promises 20,000 more Mirinae House units [D-15 to the June 3 local elections]

The Seoul mayoral candidates from the ruling and opposition parties agreed on the 18th that large-scale housing supply is the answer to the city’s rent and jeonse crisis. However, differences emerged over rent support measures amid allegations of plagiarism.
Jung Won-oh, the Democratic Party of Korea candidate for Seoul Metropolitan City Mayor, told reporters in front of the Seoul Metropolitan Government on the day, "I believe supply is urgently needed because the jeonse and monthly rent crisis is happening right now," adding, "We will supply 87,000 housing units by next year." His plan includes 60,000 units through redevelopment projects, 7,000 units through reconstruction of public rental housing, and 20,000 newly built purchase-lease rental units. He also unveiled tailored housing ladder pledges for young people and newlyweds. First, he pledged to provide a total of 50,000 homes for young people through measures such as raising dormitory capacity by 20 percent at universities with more than 10,000 enrolled students, as well as through win-win dormitories and youth rental housing. In addition, he said newlyweds would be offered a total of 40,000 units of practical housing and public rental housing. Under the practical housing plan, buyers would prepay 15 to 25 percent of the equity and then pay rent that gradually declines over 20 to 30 years before gaining ownership of the home. He also proposed a rent support program that would provide 200,000 won a month for 12 months to 50,000 young residents of Seoul. The plan would be implemented over his four-year term, supporting a total of 200,000 people. Seoul’s current rent support program provides up to 200,000 won a month for as long as 10 months to a maximum of 20,000 people.
Oh Se-hoon, the PPP candidate for Seoul Metropolitan City Mayor, also outlined a plan to expand jeonse housing support for young people and newlyweds. With his broad real estate policy stance centered on "supply, no matter what," he said he would increase housing supply for young people and secure a stronger housing ladder.
At a real estate policy seminar held at the National Assembly Members’ Office Building on the day, Oh said he would pursue targeted policies for young people and newlyweds in response to Seoul’s jeonse and monthly rent problems. Referring to long-term jeonse housing for newlyweds, including the Mirinae House public housing program, he promised, "I will help young people prepare for their future on their own, without relying on parental help." Oh has also pledged that, if elected, he would add 20,000 more Mirinae House units and strengthen the Seedling One-Room Housing Support Program, which helps college freshmen with deposits. At the event, he also emphasized a plan to begin construction quickly on 85,000 units within the next three years.
However, Oh’s camp dismissed Jung’s pledge to support monthly rent for 50,000 people as "a plagiarized promise that exaggerates policies already being carried out by the Oh Se-hoon administration." A representative from Oh’s camp told The Financial News in a phone interview that it was "a rosy pledge that completely ignores the reality of the real estate crisis." The camp argued that the only way to solve the jeonse and monthly rent crunch is to increase housing supply itself. Oh also stressed on the day that "the only answer is sustainable and rapid supply," adding, "The key is supply, no matter what."
Oh met with Ahn Cheol-soo, a PPP lawmaker, at the Yeongdeungpo campus of the Youth Employment Academy Yeongdeungpo Campus in Seoul on the day to discuss youth jobs in the era of artificial intelligence (AI) and ways to nurture future talent. In his separately announced economic and jobs pledges, Oh also identified AI and advanced industries as key growth engines. Through a "Next Economy Seoul" strategy centered on advanced and creative industries such as biotech, content, finance, AI, and manufacturing, he proposed creating an average of 985,000 jobs a year from 2027 to 2030.
jiwon.song@fnnews.com Song Ji-won, Lee Hae-ram, Lee Seol-young Reporter