Lee Jae Myung Responds to Criticism That "Real Estate Policy Is a Mess": "Please Wait Just a Little Longer"

[Financial News] President Lee Jae Myung said on the 5th in response to criticism that "real estate policy is a mess and housing prices in Seoul are unstable," "Even if you are disappointed, please be patient and wait just a little longer." He said the real estate issue is a structural problem that is difficult to resolve with short-term fixes, adding, "I would appreciate it if you would judge us after seeing the results."
President Lee responded this way on X, formerly Twitter, that day while quoting a post by an online user criticizing the government's real estate policy and the president's performance in office. After previously announcing plans to use excess tax revenue to supply public long-term rental housing, he also directly explained the policy in response to criticism.
President Lee explained, "Structural problems that have persisted for decades, such as the real estate issue, are difficult to improve quickly with just a few short-term fixes." He continued, "Apart from conservative governments that encourage real estate speculation, every democratic government has worked to curb real estate speculation, but none has achieved the intended results."
As a reason previous governments failed to produce results, he cited their inability to carry reform measures through to the end. President Lee stated, "There may have been several reasons, but one of them may have been the failure to see necessary reform measures through to the end after being pushed back by resistance and opposition."
He emphasized, "Curbing real estate speculation and stabilizing real estate prices are national tasks that must be undertaken. They are extremely difficult, but they are not impossible."
In an earlier post, President Lee promised, "Using excess tax revenue, we will also provide public long-term rental housing in large quantities at an early date for young people and the middle class." He shared an article reporting that apartment listings in the three Gangnam districts (Gangnam, Seocho and Songpa) had increased by 10,000 in one year, and outlined plans to expand supply and reform lending and taxation.
President Lee emphasized, "Even if things are difficult right now, we cannot let South Korea enter a lost 30 years after passing the real estate bomb around," adding, "The Lee Jae Myung administration will definitely keep its promise to lead South Korea out of the republic of real estate speculation."
[email protected] Seong Seok-woo Reporter