Coalition for Economic Justice, “Monthly rent in Seoul has risen 8-9% over the past year… We need to increase the supply of public housing”
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The civic group ‘Citizens’ Coalition for Economic Justice’ urged the government to expand the supply of public housing to stabilize housing prices.
The civic group ‘Citizens’ Coalition for Economic Justice’ urged the government to expand the supply of public housing to stabilize housing prices. The Coalition for Economic Justice held a press conference at the Coalition for Economic Justice auditorium in Jongno-gu, Seoul at 10 a.m. on the 8th and stated, “There is a lack of ‘real public rental housing’ that minimizes the side effects of the real estate market and allows long-term residence for more than 20 years at an affordable price.” According to the organization, rent prices for apartments in Seoul have risen 8-9% in the year since President Lee Jae-myung took office. They argued that if a certain percentage of public rental housing that can be lived in for a long time at low rent is supplied, it can contribute to stabilizing the monthly rent market. In particular, among public rental housing, permanent lease, 50-year lease, national lease, long-term lease, and integrated public lease housing are directly constructed by the public to minimize real estate market side effects, and rental housing that citizens can live in for a long period of 20 years or more at an affordable price is classified as ‘real public rental housing’ that prevents overheating of urban housing prices. Out of a total of 1,972,000 public housing units as of 2024 inventory, 101 meet these standards.
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