President Lee Jae-myung: "Did Real Estate Policy Negatively Affect the Election? Verbal Intervention Prevented Price Surge"

President Lee Marks One Year in Office Press Conference
Real Estate Policy Had More Positive Than Negative Impact
Jeonse and Monthly Rent Issues Are Undergoing Normalization
Government to Lead Innovation and Continue Reforms

President Lee Jae-myung was cautious regarding the interpretation that real estate policy affected the outcome of the June 3 local elections.

At the press conference marking the first anniversary of his inauguration on the 8th, President Lee addressed questions about real estate policy and shared his thoughts on its impact on the local elections. President Lee stated, "If we consider whether real estate prices had a negative, bad, or positive influence on the election, I think the positive influence may have outweighed the negative." He added, "Had I not intervened verbally—so-called 'verbal intervention'—since January, prices would have skyrocketed." He explained that his verbal intervention via social media and other channels from the beginning of the year helped curb the rise in real estate prices to some extent. Accordingly, he assessed the impact of real estate policy on election losses such as the Seoul mayoral race as limited. President Lee further stated, "Would people in areas with surging prices have voted for the Democratic Party? I'm not so sure," expressing a skeptical stance.

Regarding the surge in jeonse and monthly rent prices, he said, "After the end of the capital gains tax deferral for multiple-home owners, properties for sale decreased," and "the claim that jeonse prices soared because of reduced supply is a narrative created by those who want that situation." On the issue of jeonse and monthly rent, President Lee repeatedly described it as a normalization process, acknowledging that "it is true that people felt prices rose significantly," but emphasized, "it was not a dramatic surge." Thus, he interpreted the impact of the rapid rise in jeonse and monthly rent prices on the local elections as also limited.

President Lee Jae-myung is taking questions from the press at the one-year anniversary press conference held on the 8th at the Blue House State Guest House. Photo by Yonhap News Agency

During his opening remarks, President Lee also expressed his intention to continue pursuing government reform, as he has done over the past year since his inauguration. In particular, he reiterated the government's commitment to leading innovation. He said, "We will break away from conventional practices and make extraordinary decisions and actions," adding, "Beyond being a government that leads innovation, the government itself will become a model of innovation." To this end, he pledged to go beyond the traditional barriers between ministries—as demonstrated in Cabinet meetings—and showcase a "government that debates fiercely but executes swiftly."

Furthermore, President Lee reaffirmed his commitment to strengthening communication with the public. He said, "I have operated under the conviction that the more difficult the issue, the more we must gather everyone's wisdom, using the voices of 52 million sovereign citizens as a compass for state affairs." He added, "I am confident that the most hopeful change our administration has achieved over the past year has been increasing transparency in state affairs and strengthening the accountability of public officials through direct communication with the people."

President Lee also reiterated his commitment to balanced regional development. When asked about time inequality, he responded, "Within my capacity, our government is trying to provide as many opportunities as possible to the regions," and assessed, "Fortunately, there has been some effect." He added, "Since my inauguration, the Seoul metropolitan area has barely grown, while local regions, although not yet fully perceptible, have seen increases in new employment." President Lee stated, "We will improve the residential conditions in the regions and, even if only slightly, enhance their future prospects by increasing the allocation of industries and even public enterprises." He also remarked, "We plan to provide greater benefits, such as youth asset formation, to local areas."

Meanwhile, regarding the ballot paper shortage incident, President Lee commented, "Even countries with a low level of democratic development would be shocked to hear that voting could not proceed due to a shortage of ballot papers," calling it "incomprehensible." He said, "I highly value and respect the young people who pointed out the ballot shortage." He also stated, "For the government to respond carelessly, without adequate measures, and thus prevent citizens from exercising their right to vote in a democratic republic is not merely a matter of outcomes or vote counts, but a very serious issue."

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