Seoul: First Vice Land Minister Lee Sang-kyeong offered a public apology Thursday for his recent comments suggesting people should buy homes after the housing market stabilizes. Lee had come under fire after appearing on a YouTube channel earlier this week, where he said, "When the market stabilizes and housing prices fall, that's when people can buy homes."
According to Yonhap News Agency, the remarks triggered sweeping criticism from online communities and both the ruling and opposition parties, accusing the vice minister of being tone-deaf to difficulties faced by ordinary citizens buying homes. "I sincerely apologize for causing distress to the people," Lee said.
The controversy came as the government has been pushing to cool down the overheated property market. Last Thursday, the government designated all of Seoul and 12 areas in Gyeonggi Province as regulated speculative zones and tightened housing-related loans in an effort to rein in soaring home prices. The measures drew complaints from prospective home buyers who saw their loan access restricted.
The criticism against Lee intensified after it was revealed that he and his wife had reported assets worth more than 5.6 billion won (US$3.9 million), including a high-value apartment in Seongnam, just south of Seoul, which many believe was purchased by using various investment methods and tools the latest anti-speculation measures seek to prohibit.