"Exclude Multi-Home Owners from Every Stage of Housing Policy-Making"

President Lee Jae-myung on the 22nd ordered Cheong Wa Dae, the Blue House, and the Cabinet to exclude multi-home owners, owners of high-priced non-residential homes, and those with excessive real estate holdings from every stage of discussion, drafting, reporting, and approval of housing and real estate policies. Observers see this as a drastic move aimed at blocking conflicts of interest in real estate policy at the source, and as a preemptive message to cut off the "hypocrisy" frame that dogged previous progressive administrations.
Lee wrote on X (formerly Twitter) that this is because "escaping from the so-called 'real estate republic' is one of the core tasks for a great transformation of the Republic of Korea, and in real estate and housing policy there must not be even a 0.1% defect or loophole." He also drew a line, saying, "There is no reason to condemn in itself multi-home owners, owners of non-residential homes for investment or speculative purposes, or those who own ultra-high-priced homes." However, he went on to state, "The problem lies with public officials who designed tax, financial, and regulatory policies in ways that favor those who own more homes and push up housing prices." He added, "If public officials who created such systems, or those who left them in place, go so far as to exploit those flawed systems for speculation, then they deserve not only criticism but also sanctions."
Lee also wrote, "You need a home to run a household, to get married, and to have and raise children, don't you?" He continued, "I believe we must not turn countless people into something like snails without shells, homeless for the sake of the profits of a few. What do you think?"
After having refrained for some time from commenting on real estate, Lee has recently begun to personally elevate the issue again on social media. The previous day on X, he posted a warning-style message saying, "It is obvious which choice is more rational between being criminally prosecuted for fraud, subjected to a National Tax Service investigation, and having your loans forcibly recalled, and voluntarily repaying in advance."
The latest directive is also seen as reflecting the lesson that if the public service designing the overall system appears even slightly unfair, the entire policy can collapse. Analysts say there is a strong sense of alarm that, as in the Korea Land and Housing Corporation (LH) scandal under the Moon Jae-in administration, the moment a controversy erupts, not only real estate measures but also trust in the government can be severely shaken.
Cheong Wa Dae drew a clear distinction, saying this directive is different from ordering the "forced disposal" of homes owned by multi-home owners. Kyuyoun Lee, Senior Secretary to the President for Public Communication, said, "This is not about forcing people to sell their additional homes. We will prepare policy tools that make disposal the better option." He added, "In that context, the president seemed to think it was questionable whether officials who themselves are multi-home owners should be participating in designing real estate and housing policies."
Cheong Wa Dae plans to review the real estate holdings of officials in charge of real estate and housing policy and, if they meet the exclusion criteria, remove them from policy work. Kyuyoun Lee said, "We are currently identifying the real estate holdings of officials responsible for real estate and housing policy," and added, "Once that review is completed, we intend to implement measures to exclude them from related duties." He went on, "These guidelines have been communicated to each ministry and the Cabinet."
Political reactions were divided. Kim Hyun-jung, floor spokesperson for the Democratic Party of Korea, said the move "shows an intention to design policy from the public's point of view." By contrast, Choi Su-jin, senior floor spokesperson for the People Power Party (PPP), criticized it as "a textbook case of showy administration," and asked, "If you exclude relevant public officials solely based on whether they own multiple homes, how do you plan to fill the resulting gap?"
Government ministries also appeared on edge. Departments in the Ministry of Land, Infrastructure and Transport dealing with housing policy were reportedly taken aback by the president's directive, which came on a weekend morning. The Housing and Land Office and the Housing Supply Facilitation Headquarters are expected to be among the main targets and are said to be starting preliminary fact-finding. The Financial Services Commission, by contrast, is seen as feeling relatively less pressure. Senior officials on the commission's real estate policy line are all single-home owners, so they are expected to be able to continue pushing policies without losing momentum. Vice Chair Kwon Dae-young, Secretary-General Shin Jin-chang, and Financial Policy Bureau Director Jeon Yo-seop are all reported to own only one home.
west@fnnews.com Seong Seok-woo and Lee Ju-mi Reporter