President Lee: "Remove all multiple-home owners from real estate policymaking... even staff who just make copies"

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According to Financial News, President Lee Jae-myung of South Korea reiterated on the 14th his order to exclude owners of multiple homes, owners of high-priced non-residential homes, and those who hold excessive real estate from the real estate policy decision-making process. He stressed again, "Remove even the people who just make copies of documents. Even staff who only copy draft forms cannot be multiple-home owners. I expect you to enforce this thoroughly and properly."
Presiding over a joint session of the State Council of South Korea and the Emergency Economic Review Meeting at Cheong Wa Dae, President Lee said, "Make sure that vested interests can never penetrate the process," as he delivered these remarks.
During the State Council of South Korea meeting, President Lee asked a question while receiving a report from Lee Eog-weon, head of the Financial Services Commission. He asked, "Are you thoroughly reviewing loans related to real estate?" Lee Eog-weon replied, "The measure to prohibit extensions of loan maturities for multiple-home owners will take effect from the 17th, and we are continuously reviewing the other issues you mentioned in a comprehensive manner."
President Lee also checked on the ministries in charge of tax policy. He asked, "I ordered that owners of multiple homes, owners of high-priced non-residential homes, and those who hold excessive real estate be excluded from the drafting, approval, authorization, and discussion stages of housing policy. Are you managing this across the board?" In response, Kim Yong-beom, Chief Presidential Secretary for Policy, answered, "Each ministry is managing it. The Ministry of Land, Infrastructure and Transport (MOLIT), the Ministry of Finance and Economy, the Ministry of Planning and Budget, the Financial Services Commission, and even the Presidential Policy Office are all doing so."
President Lee went on, "Remove even the people who just make copies of documents," and added, "Make absolutely sure that conflicts of interest can never creep in. Even staff who only copy draft forms cannot be multiple-home owners. Please prepare and implement this thoroughly."
His remarks are being interpreted as both a renewed confirmation of his determination to stabilize the real estate market and eradicate speculation, and as a move to heighten a sense of discipline in the public sector by demanding strong measures to block conflicts of interest and push ahead with far-reaching reforms.
Earlier, on the 22nd of last month, President Lee stated on X (social network), formerly Twitter, that he had instructed Cheong Wa Dae and the Cabinet "to exclude multiple-home owners, owners of high-priced non-residential homes, and those who hold excessive real estate from the discussion, drafting, reporting, and approval stages of housing and real estate policy."
At that time, President Lee explained his reasoning by saying, "Escaping the 'real estate republic' is one of the most crucial tasks for the great transformation of the Republic of Korea (South Korea), and in real estate or housing policy there must not be even a 0.1% defect or loophole." He also noted, "There is no reason to condemn multiple-home owners, owners of non-residential homes held for investment or speculative purposes, or ultra high-priced homes themselves. The problem lies with public officials who designed tax, financial, and regulatory policies in a way that favors owning more homes and drives up housing prices." He went on to criticize, "If public officials who created such systems, or who neglected to correct them, then exploit those flawed systems for speculation, they deserve not only criticism but also sanctions."
cjk@fnnews.com Choi Jong-geun, Sung Seok-woo Reporter