President Lee: Real Estate Policy Must Endure Criticism and Resistance

Lee Jae-myung, the President of South Korea, stated that the government must be prepared to face criticism, conflict, and resistance regarding real estate policies. Speaking at the 'National Discussion Forum on Real Estate Policy' held at KBS in Yeouido, Seoul, he remarked, "While decisions on real estate policy are not made by majority vote, if there is rationality, we should follow the majority opinion."

The President emphasized that elected officials are granted the power to accept undesirable situations, but this power should not be misused. He stressed the importance of balancing the interests of the public.

"First and foremost, we must base our decisions on facts," he said, urging for accurate verification of objective facts and precise articulation of individual claims. He added, "Thirdly, we should gradually adjust these interests, as the power to reach a final conclusion lies in the ability to bridge gaps when they arise."

Lee acknowledged that those who are dissatisfied may react strongly, stating, "This falls within the realm of responsibility." He highlighted that the greatest virtue of public officials is to take responsibility, noting that while they must endure criticism and some level of conflict and resistance, it is essential to gather and reconcile as many opinions as possible beforehand.

He pointed out that South Korea is facing a demographic crisis, with international experts warning that the country could be among the first to face extinction due to low birth rates and increasing numbers of single individuals. He attributed part of this issue to housing problems, suggesting that public sentiment reflects this concern. Lee noted that feedback from the forum indicated a growing demand for special consideration for youth, newlyweds, and families with multiple children.

The President remarked on the shift in perspectives during the forum, stating, "In the past, real estate was primarily viewed as a means to generate income, including speculation. However, this time, it seems there is a greater emphasis on real estate as a comfortable living space rather than merely an investment vehicle."

Lee concluded by expressing his intention to listen openly to the opinions of the public, stating, "I believe a certain level of social consensus is achievable."