President Lee Jae Myung Says Real Estate Windfall Gains Undermine National Unity, Calls for Rational Tax Reform

[Financial News] President Lee Jae Myung said on the 21st that he would prepare "swift supply measures and detailed support policies that fit reality for end users," while criticizing the widening gap in the real estate market. He also said real estate tax policy would be rationally revised to match public expectations.
At the State Council meeting he chaired at Cheong Wa Dae that day, President Lee said, "Above all, real estate windfall gains driven by illegality and loopholes have destroyed the common sense of fairness in our society and become the biggest culprit undermining national unity."
He said real estate stability is one of the key prerequisites for easing polarization. He added that the current property market is a major driver of asset inequality, household debt, and the deepening hardship and alienation of young people. In particular, he noted that extreme speculative demand and anxiety have become intertwined, tying up a significant amount of social capital in unproductive real estate and holding back economic growth.
He stressed that once the real estate problem is normalized, resources can be reinvested productively, social dynamism can be restored, and the conflicts caused by polarization can begin to find a path toward resolution. He also said he would roll out supply measures with greater speed. In addition, he said the tax system would be reorganized fairly and rationally based on public common sense and expectations.
President Lee plans to hold a national public forum on real estate on the 23rd to gather opinions.
"The national public forum on real estate will be held on the 23rd, the day after tomorrow," he said. "To move beyond a destructive real estate republic and advance toward housing stability and productive economic growth, we will humbly listen to the voices of the people and work to develop feasible alternatives and measures."
[email protected] Choi Jong-geun, Seong Seok-woo Reporter