[New Slang Dictionary] LH Ronambul - If I Do It, It's Retirement Planning

LH Lonambul is a newly coined term mocking the recent LH land speculation scandal, where LH stands for Korea Land and Housing Corporation, and the phrase means "if LH does it, it's preparing for old age; if others do it, it's an affair." Illustration by artist Oh Seongsu

[Asia Economy Reporter Kim Heeyoon] In the 17th century, Hanyang, the capital of Joseon, was suffering from a population explosion. As the number of people increased on limited land, a housing shortage occurred along with various corruption and irregularities surrounding houses. Yeongjo, who was born as the son of a musuri (palace servant) and raised outside the palace as a prince rather than the crown prince, was well aware of these real estate issues in Hanyang, just like the common people. Especially noticing the abuses where those in power would arbitrarily demolish private houses around their own homes to expand their houses or seize prime residential areas and demand forced sales at low prices, Yeongjo issued the ‘Prohibition of Seizing Commoners’ Houses’ decree immediately after his accession in 1724. He anticipated that, facing opposition from powerful ministers and attempts to evade the law by disguising transactions as sales or leases on site, he outright banned sales and leases within the capital. Anyone caught trading would be exiled without exception, including nobles, royal family members, and high-ranking officials. For scholars, taking the civil service exam was prohibited for six years, and officials were barred from promotion for two years. Yeongjo made this law a policy priority, regularly inspecting the responsible departments and checking reports unexpectedly. However, the prohibition gradually weakened due to officials closest to Yeongjo and his daughter. In Yeongjo’s 10th year, when his princess married, there was a petition asking if he was aware that she was buying up commoners’ houses around the home she received from her father. Prime Minister Kim Sangro also hurriedly confessed to the king after being caught moving from the south to the north side of Cheonggyecheon. Although Yeongjo pushed the policy fiercely, he could not punish his daughter or the prime minister. Meanwhile, the price of a house near Jangtongbang (near Namdaemun), which was traded for 160 nyang before Yeongjo’s accession, skyrocketed nearly tenfold to 1,500 nyang by 1831, a hundred years later.

“LH Ronambul” is a newly coined term mocking the recent LH land speculation scandal, derived from “LH does it, it’s preparation for old age; others do it, it’s an affair.” The president bowed his head and apologized to the public, whose feelings shifted from frustration to anger and then to sadness. The government’s real estate policy, which promised to curb speculation and soaring housing prices through strong regulations, instead blocked the financial flow for ordinary citizens’ real estate transactions with pinpoint regulations and encouraged speculation by LH employees who had insider information. Yeongjo’s prohibition on seizing commoners’ houses achieved some success in sanctioning improper acts by certain powerful figures but also imposed new suffering of housing shortages on poor commoners. Forced measures through hasty intervention cannot be a fundamental solution and only create innocent victims. Meanwhile, as public anger spread, Prime Minister Chung Sye-kyun said on the 11th, “LH and its employees who caused the problem must respond to the public’s criticism about whether such an institution is still necessary,” adding, “To enable LH to perform its original duties, we will prepare an innovative plan for radical reform, cutting out existing corruption under the leadership of the Deputy Prime Minister for Economy, to the level of dismantling and rebirth.”

Example

A: I’ve been trying to get a job and applying for housing subscriptions for seven years, but after watching the news this time, I wonder what it all means.
B: The speed at which house prices rise and my salary increases are like a plane and a turtle, so what’s the point?
A: Maybe I should have studied harder and joined LH. New towns will keep being built anyway.
B: But would you also do LH Ronambul? No way.
A: They say Seoul real estate prices haven’t dropped since the Joseon Dynasty. Sigh... I guess I’ll just move back to my hometown.

This content was produced with the assistance of AI translation services.