President Lee Jae Myung: "I will not tell public officials with multiple homes to sell or not to sell... There will be no forced sales"

[The Financial News] President Lee Jae Myung of South Korea personally dismissed as untrue media reports that Cheong Wa Dae (the Blue House) is reviewing a plan to exclude from promotion and appointment public officials at grade 5 section chief level and above who own multiple homes, expensive non-residential homes, or excessive amounts of real estate.
In a post uploaded in the early hours of the 28th on X (formerly Twitter), President Lee wrote, "Cheong Wa Dae does not tell public officials with multiple homes to sell or not to sell," adding, "This is because the government can fully achieve housing price stability simply by exercising its powers over taxation, finance and regulation."
He went on, "Even if a public official at grade 5 or above chooses to keep multiple homes while bearing the losses and risks, that is his freedom, and any resulting loss is solely his responsibility," stressing, "There is absolutely no need for Cheong Wa Dae to effectively force sales by imposing promotion disadvantages on the grounds that they still own multiple homes."
President Lee explained, "At most, we can let public officials know that simply owning housing will no longer serve as a means of increasing their wealth, thereby giving them a chance to avoid losses. But to put selling pressure on public officials would be tantamount to admitting that our housing stabilization policies are ineffective," adding, "That is why I have said in the past that we may recommend selling, but we will not exert pressure to sell."
He added, "As long as there is no political calculation or private interest involved, carefully designed and consistent policies alone are more than enough to clearly stabilize housing prices."
bng@fnnews.com Kim Hee-sun Reporter