Korean Deputy Minister Resigns Amid Real Estate Policy Controversy
On the 24th, Lee Sang-gyeong, the First Deputy Minister of the Ministry of Land, Infrastructure, and Transport, voluntarily resigned. The Deputy Minister faced criticism following the 10.15 Real Estate Measures when he responded to concerns about the governments policy saying, "If housing prices stabilize due to government policy, then you can buy a house at that time." This sparked controversy, especially since he himself engaged in gap investment by purchasing high-priced housing while using jeonse (a rental deposit system in Korea).
The Ministry of Land, Infrastructure, and Transport announced on the same day that the Deputy Minister had expressed his intention to resign. A spokesperson from the presidential office indicated that President Lee Jae-myung would accept the Deputy Ministers resignation.
On the 19th, during a YouTube broadcast, the Deputy Minister addressed criticisms that the 10.15 measures harmed genuine homebuyers by stating, "The stress comes from trying to buy right now. Opportunities will come around again, so there is no need to react sensitively." However, it was revealed that shortly after the Lee Jae-myung administration began, he used the gap investment strategy to sell an apartment and reduce his status as a multiple-home owner. Additionally, his spouse purchased an apartment in Baekhyeon-dong, Seongnam, for 3.35 billion won last July, transferring ownership three months later and signing a lease agreement for 1.48 billion won. This led to further accusations of gap investment.
The resignation of Lee Sang-gyeong is believed to be a strategic decision to prevent further controversies from affecting the government’s standing. Following the announcement of the 10.15 real estate measures, there has been ongoing backlash from genuine homebuyers, and the Deputy Ministers controversies compounded these issues. Concerns arose within the ruling party that these ongoing disputes could prolong the political strife surrounding real estate policies.
The Ministry of Land, Infrastructure, and Transport announced on the same day that the Deputy Minister had expressed his intention to resign. A spokesperson from the presidential office indicated that President Lee Jae-myung would accept the Deputy Ministers resignation.
On the 19th, during a YouTube broadcast, the Deputy Minister addressed criticisms that the 10.15 measures harmed genuine homebuyers by stating, "The stress comes from trying to buy right now. Opportunities will come around again, so there is no need to react sensitively." However, it was revealed that shortly after the Lee Jae-myung administration began, he used the gap investment strategy to sell an apartment and reduce his status as a multiple-home owner. Additionally, his spouse purchased an apartment in Baekhyeon-dong, Seongnam, for 3.35 billion won last July, transferring ownership three months later and signing a lease agreement for 1.48 billion won. This led to further accusations of gap investment.
The resignation of Lee Sang-gyeong is believed to be a strategic decision to prevent further controversies from affecting the government’s standing. Following the announcement of the 10.15 real estate measures, there has been ongoing backlash from genuine homebuyers, and the Deputy Ministers controversies compounded these issues. Concerns arose within the ruling party that these ongoing disputes could prolong the political strife surrounding real estate policies.
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