The controversy surrounding the remarks made by the First Vice Minister of the Ministry of Land, Infrastructure and Transport was met with intense criticism. The official, who reportedly made comments such as “When house prices fall, you can buy then,” was criticized by the People Power Party for what they called “blatant hypocrisy and double standards” among high-ranking officials in the government and ruling party regarding their real estate views.
On the morning of the 21st, during the strategy meeting for a national audit held at the National Assembly, Song Eon-seok, the People Power Party’s floor leader, directly targeted the First Vice Minister, Lee Sang-kyung, for his remarks. Song stated, “High-ranking officials of the Lee Jae-myung government and the ruling party are now hurting the people with harsh words, in a situation where people cannot buy or sell houses due to despair.”
The controversy arose after Vice Minister Lee appeared on a real estate YouTube channel the previous day, suggesting that people could buy houses when prices drop due to government policies. Song criticized this by questioning, “Is it right for a responsible government official to tell people to save money and buy a house while having locked out loans for the public?”
Song also took aim at President Lee Jae-myung, claiming that he owns a high-priced apartment expected to benefit from redevelopment in Bundang, and noted that 20 out of 30 presidential office aides own real estate within land transaction permit zones. Highlighting Vice Minister Lee’s assets worth over 5.6 billion won, Song accused the Lee government and the high-ranking ruling class of enjoying economic benefits while forcing the public into becoming “rental refugees” and living with long commutes.
Kim Do-eup, the chairman of the policy committee, criticized the Vice Minister’s remarks as unrealistic and warned that they revealed amateurish incompetence. He called for an overhaul of the government’s ineffective housing supply measures and the immediate withdrawal of policies suppressing real estate demand.
As for the Democratic Party’s upcoming “Real Estate Policy Task Force,” Kim labeled it as an admission of their policy failures and a typical move of an amateur and incompetent regime. The Task Force is expected to discuss measures focusing on speeding up redevelopment and reconstruction approvals.
Kim Jin, Journalist