President Lee Orders Exclusion of Multiple-Homeowning Public Officials from Real Estate and Housing Policy Discussions (Comprehensive)

President Lee's Social Media Message: Determined to Eliminate Conflicts of Interest at the Source
"We must not turn countless people into homeless 'snails' for the profit of a few"

On March 22, President Lee Jaemyung announced that he had instructed the Blue House and the Cabinet to exclude multiple homeowners, non-resident owners of high-value homes, and individuals with excessive real estate holdings from the discussion, drafting, reporting, and approval processes of housing and real estate policies. This move is interpreted as an intention to fundamentally block any potential conflicts of interest among public officials.

On the same day, President Lee wrote on X (formerly Twitter), "I have instructed the Blue House and the Cabinet to exclude multiple homeowners, non-resident owners of high-value homes, and individuals with excessive real estate holdings from the discussion, drafting, reporting, and approval processes of housing and real estate policies." He added, "Breaking free from the so-called 'real estate republic' is a core task for Korea's grand transformation, and there must not be even a 0.1% flaw or loophole in real estate or housing policies."

This is seen as a clear statement of his intent to fundamentally eliminate any possibility of conflicts of interest from multiple homeowners and non-resident owners of expensive properties in the process of designing and implementing real estate policies.

President Lee stated, "There is no reason to criticize multiple homeowners or owners of non-resident homes for investment or speculation purposes, or even those who own ultra high-value homes themselves." However, he pointed out, "The problem lies with public officials who create tax, financial, and regulatory policies in ways that favor those with more properties or drive up housing prices."

He continued, "If a public official who created such systems or allowed them to persist goes so far as to exploit those flawed policies for speculation, then they deserve not just criticism but also sanctions." He added, "Even now, it would be reasonable to exclude such people from real estate and housing policy matters."

President Lee especially defined the stabilization of housing prices as an issue directly linked to the success or failure of his administration. He said, "Stabilizing real estate, especially housing prices, is a matter of make or break for this administration and a turning point for the fate of Korea. After all, you need a home to run a household, get married, and raise children." He then asked, "Don't you think it is wrong for the pursuit of profit by a few to turn so many into people without homes, like snails without shells? What are your thoughts?"

President Lee has repeatedly emphasized the need to strengthen regulations on multiple homeowners, non-resident owners of single homes, and those with excessive real estate holdings, demonstrating his strong commitment to stabilizing the housing market. Today's message goes a step further by directly addressing the issue of conflicts of interest in real estate policy decisions, and is expected to have a significant impact on future appointments and policy operations within the Blue House and government.

Just the day before, President Lee also targeted so-called "loophole loans"—cases where individuals purchase homes by obtaining business loans as sole proprietors—stating, "It is clear which is the more rational choice: facing criminal prosecution for fraud, a tax audit by the National Tax Service, and forced repayment of loans, or proactively repaying the loan voluntarily." As the National Tax Service announced plans to thoroughly investigate cases where business loans are used as a funding source in home purchases, the president has once again issued a stern warning against real estate speculation through irregular lending practices.

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