The controversy surrounding President Lee Jae-myung's sale of his apartment in Bundang is spreading through the political arena. On July 22, Seoul Mayor Oh Se-hoon criticized the current government's real estate loan regulations via his social media, stating, "Even the president has to consider such methods to sell a single house."
In his Instagram post, Mayor Oh said, "I do not intend to criticize the president's transaction. It may even be something to be thankful for," but he sharply pointed out, "The president has personally demonstrated how abnormal the current real estate regulations have made the market."
He emphasized, "Where is the clearer evidence of regulatory failure? If the president needed flexibility, the citizens need it even more desperately."
Mayor Oh defined the core issue of this transaction as the "difference between the president and the citizens." He stated, "The president had options, but for those who are first-time homebuyers limited by a loan cap of 200 million won, there are no options at all," criticizing the uniform loan regulations for obstructing citizens' ability to purchase homes.
He directed his comments toward the upcoming national discussion on real estate scheduled for July 23, saying, "What citizens are most urgently requesting is a plea to revise the suffocating uniform loan regulations," and added, "If you remember the frustration felt during this transaction, you should be able to respond at that meeting tomorrow."
Political circles interpret his remarks not merely as a social media critique but as an offensive targeting the overall real estate policies of the Lee Jae-myung administration.
Particularly, as it has been revealed that the president's transaction involved consideration of the buyer's financial situation, critics argue, "Isn't it an acknowledgment that even the president finds it difficult to conduct normal transactions under the current regulations?"
In contrast, the government and ruling party maintain that this transaction was a normal sale conducted within the bounds of current law, asserting that generalizing personal transactions as evidence of policy failure is unreasonable.
Mayor Oh reiterated the need for a shift in real estate policy, stating, "Creating a financial environment that works for actual homebuyers is a priority over uniform regulations that ignore market realities."
This dispute is evolving beyond a simple apartment sale controversy, potentially symbolizing a direct clash between 'regulation-centered real estate policy' and 'restoration of market functions.'
* This article has been translated by AI.
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