[Inside Chodong]How Not to Feel Guilty About Living in an Expensive Home

"It seems there is a bit of a bias in what you are saying. I can sense a bit of personal sentiment regarding your own retirement. It's only natural for people to have such feelings." (President Lee Jaemyung)

"Oh, I apologize." (Gu Yooncheol, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance)

This exchange took place during the cabinet meeting broadcast live on July 14, 2026. After Deputy Prime Minister Gu explained the key tax issues ahead of the policy forum that the government has decided to hold, President Lee cracked a pointed joke to lighten the rather stiff atmosphere. Deputy Prime Minister Gu owns a newly built apartment in Gangnam, Seoul. He had owned the property since before its reconstruction, and, according to his public asset declaration as a public official, the officially assessed value is 1.5 billion won. However, the most recent actual market transaction for a similar unit is 4.6 billion won. With the policy forum on July 16, 2026 set to discuss whether to further raise the tax burden on ultra-high-priced homes, it was understandable that Deputy Prime Minister Gu, owner of a rather expensive home, might have felt awkward.

Observing that most of the other attendees laughed the comment off, it seemed at first to be nothing more than an icebreaker. However, when the discussion turned to setting a threshold for what qualifies as an ultra-high-priced home, Prime Minister Han Sung-sook's reaction was equally awkward. When President Lee spontaneously suggested, through online comments, that attendees submit ideas for the threshold of an ultra-high-priced home, many responded with 2 billion won.

When President Lee remarked, "If we make it 2 billion won, that could be a disaster," Prime Minister Han Sung-sook, sitting right next to him, said, "I don't think I have anything to say," and added, "I only own one home, but it's worth more than 2 billion won." She looked visibly embarrassed, as though she had been caught doing something wrong. Previously a multi-homeowner, Prime Minister Han had sold all but a single detached house in Samcheong-dong ahead of her confirmation hearing. Combining her residence with her office, her properties have an officially assessed value of 2 billion won, which likely translates into a market value of around 4 billion won.

President Lee has previously expressed, across various channels, that he does not condemn people for owning multiple or expensive homes. He has pointed out that, if there is a problem, the real fault lies with those who created systems incentivizing such asset accumulation for personal gain. The exclusion of multi-homeowners from the real estate policy team was not because they were inherently bad individuals, but, as he explained, to strengthen the credibility of such policies. It can be inferred that President Lee's remarks to the Prime Minister and Deputy Prime Minister about their own expensive houses, made publicly under the scrutiny of the nation, were his way of sending a subtle but firm message: even if a policy may be unfavorable to the individuals drafting it, they should carefully examine and improve it. It was, in a sense, a call to "practice what you preach."

In reality, whether someone lives in or owns multiple expensive homes, as long as the rules have not been violated, there is no reason to feel guilty or be criticized. Recently, the presidential chief of staff, in an interview, cited the example of someone owning hundreds of townhouses but incurring almost no tax liability, describing it as something worthy of public anger. I disagree. Instead of being angry, we should carefully determine what is right and, if necessary, fix the system. What matters at this point is not dividing people along emotional lines, but designing policies with precision and care.

Choi Daeyeol, Construction and Real Estate News Department

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