Seoul Mayor Oh Se-hoon, who has repeatedly emphasized housing supply, visited a Youth Safety Housing complex in Gaebong-dong, Guro-gu, this afternoon (August 12) to meet with young residents and listen to their concerns regarding real estate.

Gaebong Sageum, visited by Mayor Oh today, is a Youth Safety Housing project near Gaebong Station with a total of 605 units.

The complex consists of 96 public rental units, 177 units pre-acquired by the Seoul Housing and Communities Corporation (SH), and 332 privately rented units.

Mayor Oh toured community spaces such as the laundry room, fitness center, and library, as well as residential units, and held a discussion with three young residents living there.

The resident youths noted that because the complex is located near a subway station, commuting is convenient and rents are lower than market rates, reducing their housing cost burden compared to before they moved in.

In particular, some shared that with the reduction in housing expenses—which previously accounted for over 30% of their monthly income—they are now able to use the money saved to prepare for self-development and job changes, or plan for the future through savings.

The youths also expressed concern that recent tightening of household loan regulations has made it harder to obtain chonse (deposit-based lease) loans, making it worrisome to secure the deposit needed for contract renewals.

They also voiced worries over the so-called "marriage penalty," where combined spousal incomes after marriage could exclude them from policy loan eligibility.

Mayor Oh stated, "Listening to the stories of young people today, I was reminded once again that a home is not just a place to stay, but the starting point for studying, working, saving, and preparing for the future," adding, "Housing should never be the reason young people leave Seoul."

He added, "We will build a denser housing ladder for young people so they can ease their rent and deposit burdens, live stably, and gather assets to take the next step," and noted, "We will concentrate our municipal capacity on policies that young people can genuinely feel, including not only housing supply but also financial and monthly rent support."

A day earlier, Mayor Oh visited urban maintenance project sites in Seogye-dong and Cheongpa-dong, Yongsan-gu, emphasizing housing supply through redevelopment and reconstruction.

Youth Safety Housing is a project that supplies homes at lower-than-market rates to homeless youths or newlyweds, with 33,621 units across 101 locations completed as of the end of last month.

Public rental rents are set at about 30 to 50% of surrounding market rates, while publicly supported private rentals are at 75 to 85% of market rates.

To broaden the supply foundation, the city is reviewing a plan to expand the eligible areas for Youth Safety Housing projects from the current 250-meter radius around subway stations to a 500-meter radius.

In addition, considering the decline in new approvals since 2025, the city increased the interest rate subsidy limit for private developers—previously up to 2%—to 4% for a three-year period starting in April of this year.

Through this, the city plans to additionally complete 17,500 Youth Safety Housing units by 2030, supplying a cumulative total of 46,000 units.

Alongside Youth Safety Housing, the city is focusing on supplying homes such as public sales, rental housing, Mirinaeul House, and Long-Term Safety Housing under the "Youth Housing Stability Measures" announced in March this year, while lowering the housing cost burden for young people.

(Photo: Yonhap News)