Seoul’s ‘Youth Secure Housing’ scheme, which offers affordable rent and interest-free loans for deposits, is under scrutiny after over 200 households were informed their building was being auctioned due to the developer’s failure to pay construction costs. Residents, who have mortgages set up, cannot reclaim their deposits until the auction is completed, with the total deposit amount reaching 23.8 billion won. The Seoul city government has begun investigating the situation, including whether guarantee insurance was in place.
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Auto-posted at: 2025-03-16 21:55:47