Seoul: President Lee Jae Myung on Saturday accepted the resignation of the vice land minister amid mounting controversy over his recent comments about the housing market.
According to Yonhap News Agency, First Vice Land Minister Lee Sang-kyeong offered to resign on Friday after facing backlash for his comments on a YouTube channel earlier this week. He stated, "When the market stabilizes and housing prices fall, that's when people can buy homes," which was met with widespread criticism from online communities and both the ruling and opposition parties. The remarks were seen as insensitive to the challenges faced by ordinary people trying to purchase homes.
In response to soaring home prices, the government tightened housing-related loans last week, aiming to curb the market's rapid inflation. The vice minister, a real estate professor by background, is known for his close ties with President Lee, having provided policy advice since Lee's tenure as Seongnam mayor and governor of Gyeonggi Province.
The housing market has become a pivotal issue in the political arena, especially with local elections approaching next June. Apartment prices in Seoul have surged recently, particularly in areas near the Han River, prompting speculative demand and further driving up prices. This situation presents a significant policy challenge for the new government.