If I am reading this right, they are practically giving away cheap housing to encourage growth outside the capital region "to find jobs and build their lives locally". I thought the crowding in the capital region was because that is where the jobs were. Unless there are plans to have available jobs in these areas, are they all just taking in each other's laundry? The article was scant on those details.
Rule of thumb: Any time you hear any news of a government offering insanely subsidised housing - the houses are in a place no-one wants to live in.
Having said that, you would think the advent of remote working would make plans like this more attractive these days. If large companies could stop standing in the way that is.
There are multiple projects like this in Korea that have already been done and more are in the pipeline.
The main driver is to expand away from downtown Seoul as its too crowded to build affordable homes and the land is pretty well developed as is. So they are encouraging businesses to expand outside of Seoul, around the greater Seoul region and regions in the southern tip of Korea.
For example, they are focused on building out a massive semiconductor and tech city which is going to need housing for the tens of thousands of jobs it is going to create. This is a 750 billion USD project being built in the city of Yongin (Its around 40KM/25 miles south east of Seoul, about 45 minutes to an hour by car depending on traffic, faster if you take an eventual train/subway). Its not very far from the city so people will move there especially as high tech jobs will be the norm there going forward.
>In the short term, the projects are expected to boost construction and service sector employment. Over the medium to long term, the city’s job structure is projected to shift toward high-value positions centered on manufacturing and advanced services.
No different than Italy, Spain, and France offering "country homes" for a few thousand Euros. Even in the US, you can find some cheap property in the middle of nowhere. As you said though, essentially unless you WFH, there are no jobs to really be had in said places. It is simply the Government trying to keep these places existing.
JoshTay | 16 hours ago
If I am reading this right, they are practically giving away cheap housing to encourage growth outside the capital region "to find jobs and build their lives locally". I thought the crowding in the capital region was because that is where the jobs were. Unless there are plans to have available jobs in these areas, are they all just taking in each other's laundry? The article was scant on those details.
afghamistam | 14 hours ago
Rule of thumb: Any time you hear any news of a government offering insanely subsidised housing - the houses are in a place no-one wants to live in.
Having said that, you would think the advent of remote working would make plans like this more attractive these days. If large companies could stop standing in the way that is.
LongConsideration662 | 11 hours ago
" the houses are in a place no-one wants to live in." Not true in this case
afghamistam | 10 hours ago
Based on...?
ML7777777 | 13 hours ago
There are multiple projects like this in Korea that have already been done and more are in the pipeline.
The main driver is to expand away from downtown Seoul as its too crowded to build affordable homes and the land is pretty well developed as is. So they are encouraging businesses to expand outside of Seoul, around the greater Seoul region and regions in the southern tip of Korea.
For example, they are focused on building out a massive semiconductor and tech city which is going to need housing for the tens of thousands of jobs it is going to create. This is a 750 billion USD project being built in the city of Yongin (Its around 40KM/25 miles south east of Seoul, about 45 minutes to an hour by car depending on traffic, faster if you take an eventual train/subway). Its not very far from the city so people will move there especially as high tech jobs will be the norm there going forward.
>In the short term, the projects are expected to boost construction and service sector employment. Over the medium to long term, the city’s job structure is projected to shift toward high-value positions centered on manufacturing and advanced services.
https://www.koreaherald.com/article/10672944
Maxpowr9 | 9 hours ago
No different than Italy, Spain, and France offering "country homes" for a few thousand Euros. Even in the US, you can find some cheap property in the middle of nowhere. As you said though, essentially unless you WFH, there are no jobs to really be had in said places. It is simply the Government trying to keep these places existing.