People in Korea deposit a certain amount of money every month into a housing lottery account. There are two types of accounts. One is for low income people. The other is for middle income people. When it's their turn, people can join a lottery and everybody who tries can get an apartment(condo) in order. Winners are chosen according to the period of time of the account and the amount deposited. Usually the apartment can create an investment income for people who participate and also it can create rental income. I think if we change all coops to condos, eventually people who purchased condos will renovate their apartments so it will create more jobs and the government will make a profit to support construction companies which will build new housing units. It will also raise revenue.
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