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Research on the Social Ownership Strategies for Economic-purpose Real Estate in Seoul

Author: 
Eunjoo OhㆍHyun-Chan AhnㆍSeunghoon OhㆍMyungshik ChoiㆍHayun Park

Small traders and enterprises including cooperative, social enterprises, and local enterprises have suffered from high-rent, short and unstable rent period, especially in large cities and gentrification regions. In response to these threats, small firms and social economic organizations voluntarily tried to acquire joint ownership over real estate by themselves.
The ownership should be called ‘social ownership’ in sense that the joint-owner might include individuals, non-profit organizations, and the public, who all agree with protections of small enterprises in city. 
Recently, the Seoul Metropolitan Government (SMG) strongly emphasized the importance of community asset and social ownership for inclusive economic growth. This study intensively examines several cases of social ownership movements in Korea by conducting in-depth interview with CEOs of the cases to propose strategies for promoting social ownership for the SMG. Also, this study explores foreign cases in the UK, America, and Canada to get insights into what policies and institutions might help Korean cases. 
Finally, this study proposes two-track approaches for the SMG: the SMG as an accelerator to facilitate civic-led social ownership movement and the SMG as another asset owner who should be open to economic actors interested in social ownership.