Korea
Korean originalTranslated
President Lee says he ordered LH purchase commitments for unsold homes and accelerated housing supply
President Lee said many were reluctant to begin construction over sales concerns and that he had instructed LH to commit to purchasing unsold homes for rental use. He said he had directed the land minister and LH to focus on supplying large numbers of homes early.
President Lee Jae-myung posted at least 10 messages on social media on the 5th, the final day of the National Foundation Day holiday. He sought to communicate directly with citizens and promote policies.
President Lee said many were reluctant to begin construction over concerns about selling homes, and that he had instructed LH to commit to buying unsold homes for rental use. He said he had directed the new land minister and LH to focus on supplying large numbers of homes early.
President Lee offered his own assessment of housing price instability. He said a sharp decline in permits, centered on Seoul, had led to a substantial reduction in housing supply after a time lag and was the biggest cause of short-term housing price instability. He cited concentration in the capital region, excessive lending that encourages housing speculation, and an unfair tax system as medium- and long-term causes.
He also outlined a supply plan for young people and the middle class. President Lee said he would use tax revenue collected above projections to supply large numbers of long-term public rental homes for these groups early.
President Lee also shared a citizen's post criticizing the government's real estate policies on X. He asked that the policies be judged after their results were seen.