The Seoul Metropolitan Government (SMG) will provide 15,000 ‘Houses for People in Their 20s and 30s near Subway Stations’ by the end of 2017.
The ‘Subway Station 2030 Housing’ project will provide young people in their 20s and 30s a chance to live in a house near subway stations. The SMG is providing certain benefits to private businesses such as implementation of a relaxed floor area ratio regulation and building public and private rental housing for young people to live in at an affordable price.
The Korean government selected the SMG’s ‘Subway Station 2030 Housing’ project as a national policy on June 26, 2017. As such, the SMG will rent out 10 to 25% of the rental housing to young people at 60 to 80% of the market price in order to exceed the original goal.
The SMG will expand upon security deposit and monthly rent support so that those who take part in the Subway Station 2030 Housing project and have a monthly average income of less than 1.21 million won (50% of the monthly average income in 2016) will pay less than 200,000 won for rent.
The Subway Station 2030 Housing buildings will also have various community facilities such as a startup support center, education facility and gym in addition to residential areas.
The project is a good way to increase the number of rental housing at a lower cost than building public rental housing and is also expected to encourage the spread of social mixing in the mid-to-long term.
The SMG will expand the number of houses to 50,000 units by 2019 through additional improvements to the system.