Scams in Korea’s Unique Rental System Spiral Into Crisis, Prompting New Bill
Residential buildings in the Yongsan district in Seoul.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
South Korea proposed introducing a bill to protect the housing rights of people that have been scammed millions of dollars in rental schemes as the fallout from the crisis grows.
The ruling People Power Party and government ministries will introduce the bill next week, PPP’s Chief Policymaker Park Dae-chul said in a televised briefing on Sunday. It will include an option to have state-run Korea Land & Housing Corp. buy affected properties and convert them into public rental homes.