South Korea will convert offices and hotels into housing


The aim is to address the population's concerns about rising rents and supply shortages (Unsplash)

The aim is to address the population’s concerns about rising rents and supply shortages (Unsplash)

The South Korean government wants to convert empty hotels and office buildings into more than 100,000 housing units in the next two years.

According to CNBC, the effort is to address the concerns of the population about rising rents and lack of supplies. The government wants to create 114,000 public housing units for one person through the program.

“You will all be able to see hotels become affordable and high-quality family homes,” said Kim Hyun-mee, Minister of Land, Infrastructure and Transport.

This is not the first program to address the shortage of housing – in the past, the government has eased the height limits of buildings and converted military buildings into residential areas.

Real estate market analyst Yeo Kyoung-hui described a “feeling of despair” over the housing shortage facing the country, saying the move “may be the fastest way to increase home supplies.”

However, Yeo added that focusing on supplying households to one-person households “could disappoint families with children who are in the midst of a home shortage crisis and are just as difficult to find affordable homes.”

Many US cities and states are addressing accessibility issues related to supply shortages Californiawho has been trying for years to solve a growing problem.

In Seoul, a 28-year-old office worker living with her parents said the stigma of public housing would prevent her and possibly others from renting units created under the program.

“The government knows that there is a social stigma among people living in public flats.” I refuse to move into one, whether it is a luxury hotel or not, “she said.

As in many places around the world, it has a South Korean real estate market was overturned pandemic, although the country’s response to Covid was one of the most effective in the world in keeping cases under control. [CNBC] – Dennis Lynch

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