Young first-time buyers pay 20%, Seoul housing agency pays 80%: Seoul Mayor Oh Se-hoon offer housing subsidy program solution to housing crisis

People Power Party candidate and current Seoul mayor Oh Se-hoon announced on the 17th at his campaign office in Jongno District that he would introduce a housing program called “Seoul My Home,” under which homeless young people would only need to pay 20% of a home’s price while the public sector would cover the remaining 80%.
Under the proposal, homeless young adults aged 19 to 39 could choose any home in Seoul priced below the city’s median housing price of 1.2 billion won and apply for the program. The Seoul Housing & Communities Corporation (SH) would then purchase the property.
The young buyer would pay only 20% of the purchase price, while SH would pay the remaining 80%.
Although the buyer would own a 20% share of the home and SH would retain 80%, the young resident would still have full authority over decisions related to buying and selling the property. If the home is sold, the resident would receive profits proportional to their ownership share based on the market price. However, renting the property out to tenants would not be allowed.
Oh explained that funding for the program would come from a “Youth Asset Development Fund,” financed through public contribution fees generated during urban planning and development approval processes.
Oh added that introducing 8,000 “Seoul My Home” units would bring the total supply of his “Five Types of Seoul Opportunity Housing” to 82,000 units when combined with existing or previously announced programs. These include:

– “Miri-nae Homes” (20,000 units), long-term jeonse housing for newlyweds

– “Youth Safe Housing” near subway stations (20,000 units)

– “Sprout One-Rooms” for university freshmen (10,000 units)

– “Right Away My Home” starter housing offered at half-price terms (600 units).

Oh stated, “A city where young people’s assets grow alongside Seoul’s growth is the true meaning of urban development,” adding, “Seoul will become the first city to create a system where development profits flow not into the pockets of a few, but into the assets of future generations.”