Lee Orders Exclusion of Multiple-Homeowner Officials from Real Estate Policy Discussions

"No Room for Even a 0.1% Flaw in Real Estate Policy"

President Lee Jae-myung has ordered the complete exclusion of public officials who own multiple homes or possess excessive real estate assets from the process of drafting and making decisions on housing and real estate policy.

President Lee Jae-myung is speaking at the Senior Secretary Meeting held at the Blue House on the 19th. Photo by Yonhap News

On the morning of March 22, President Lee announced via his social media account X (formerly Twitter), "I have instructed the Blue House and the Cabinet to exclude multiple homeowners, owners of high-priced non-residential properties, and those with excessive real estate holdings from the discussions, drafting, reporting, and approval processes of housing and real estate policies."

President Lee emphasized the rationale behind this measure, stating, "Escaping the so-called 'real estate republic' is the core of Korea's great transformation, and there can be no room for even a 0.1% flaw or loophole in our real estate or housing policies."

He strongly criticized the responsibility of the public sector, saying, "There is no reason to criticize multiple homeowners or owners of high-priced non-residential properties used for investment or speculation. The problem lies with public officials who have designed tax, financial, and regulatory policies that favor those with more homes or drive up housing prices. If a public official who created or neglected such policies then exploits those flawed systems for speculation, it is only fitting that they not only face criticism but also face sanctions."

He continued, "Isn't it reasonable to exclude such individuals from real estate and housing policy matters from now on?" and added, "Stabilizing real estate and especially housing prices is a matter that will determine the success or failure of this administration, and it will shape the fate of Korea as a whole."

President Lee also stated, "People need a home to manage their household, get married, and raise children, don't they?" He further asked the public, "Shouldn't we avoid turning countless people into 'homeless snails' just for the profit of a few? What are your thoughts?"

This content was produced with the assistance of AI translation services.