President Lee: "I Get Criticized So Much Over Housing Prices, but There Is No Solution... Balanced Development Is Needed"

President Lee Jae-myung is speaking at the 'Listening to the Heart of Chungnam' town hall meeting held on the 5th at Korea University of Technology and Education in Cheonan, Chungnam. Photo by Yonhap News

On December 5, President Lee Jae-myung expressed his frustration over the high housing prices caused by the concentration of population in the Seoul metropolitan area, stating that "there is no solution." He emphasized that "investment in the provinces and balanced regional development are the only ways" to fundamentally resolve this issue.

President Lee made these remarks at the Chungnam town hall meeting held at Korea University of Technology and Education in Cheonan, Chungnam, on the same day. He said, "I often get criticized because of the housing prices in Seoul and the metropolitan area, but there is no solution," adding, "After all, the land in the metropolitan area is limited, and people keep flocking in."

President Lee further explained, "Ultimately, the issue of housing prices in the metropolitan area is also due to structural factors," and analyzed, "Even if we exhaust all available wisdom and mobilize every policy resource, it is not easily resolved." He continued, "I want to address the fundamental problem. For this reason, balanced regional development is truly an essential element."

President Lee also called for 'metropolitanization' in the process of achieving balanced regional development. He noted, "Looking at the Chungcheong region, it seems that the alliance among Sejong, Daejeon, and Chungnam is making progress," and evaluated this as "a desirable approach."

He went on to suggest, "Rather than simply forming alliances and holding consultations, I think it would be better, if possible, to integrate on a large scale so that scarce resources and capabilities can be utilized." He proposed, "Perhaps Chungnam and Daejeon could be integrated as a model example."