TAIPEI (Taiwan News) — Taiwan is eyeing adding 20,000 social housing units in two years from hotel rooms and idle residential spaces in a move to help accommodation businesses weather the COVID-19 impact while addressing the country’s housing woes.
The Ministry of the Interior (MOI) announced on Monday (Dec. 27) incentives will be provided to businesses and property owners that participate in the program, which will be operated three years each term. These include tax breaks and subsidies for house renovation and rent.
Priority will be given to hotels that can be completely turned into residential buildings. Participating businesses will be able to access government assistance in the acquisition of rental licenses.
MOI has been promoting the initiative in the six special municipalities, with details of the plan to be released soon by the National Housing and Urban Regeneration Center. All the remodeled units will need to adhere to fire safety practices before they become available in the market.
This is part of the effort to offer youths and disadvantaged groups an option for a more affordable home. Taiwanese are grappling with more expensive housing with less space as a booming real estate market is seeing more people looking to buy homes in the south.