Seoul announces 55.7 trillion won budget focused on youth and housing

Seoul Mayor Oh Se-hoon has announced a 2027 budget proposal totaling 55.74 trillion won, an 8.3% increase from the current year. The budget prioritizes youth support, housing stability, and social welfare.

A key component is the re-allocation of 26.6 billion won for a youth AI growth program. This initiative aims to provide 500,000 young residents with generative AI access and tiered educational training to prevent employment and income gaps. This follows a previous budget cut by the city council due to concerns over insufficient preparation.

To address housing, the city plans to expand monthly rent support for 32,000 young adults and invest 1.12 trillion won to supply 27,200 public rental units for youth, newlyweds, and vulnerable groups. Additionally, the budget includes 17.68 trillion won for the ‘Accompanying the Weak’ initiative, which covers livelihood, care, and housing support.

Mayor Oh also emphasized strengthening social programs to help young people regain self-esteem and social belonging, linking these efforts to the ‘Loneliness-Free Seoul’ policy.