Regarding housing market stabilization, President Lee Jae-myung emphasized today (the 23rd) that "this issue is one of South Korea's greatest challenges," stressing the importance of building a social consensus on solutions.

In his opening remarks at the National Public Debate on Real Estate Policy held at the KBS Annex today, President Lee noted, "Looking at the asset holding status of South Korean citizens, real estate accounts for the largest share. There is a public consensus that measures [regarding real estate prices] are necessary."

In particular, President Lee pointed out, "Japan once suffered through difficulties [due to real estate issues]. Prices kept rising until they reached a limit and burst like a balloon, leading to talks of a 'lost 20 years' and a 'lost 30 years.' In fact, quite a few people worry whether we are also heading toward that peak."

He further explained that it is not easy to derive solutions to the issue.

President Lee said, "Every administration has struggled to solve this problem. Ironically, a perception has begun to take root among the public as if it were a truth that 'prices go up whenever a certain type of administration comes into power.'"

He also mentioned that policy perspectives differ regarding each price-determining factor.

President Lee stated, "Supply is very crucial, but the problem is that it is unclear where and how to expand it. When attempts are made to lift greenbelts, nearby residents object, asking why good land should be damaged. Some hold the position that houses should be built even if it means damaging some land, but in any case, the limits to supply are clear."

He continued, "The tax system also has an impact. Using the tax system to curb demand or increase supply in a specific area is an exceptional situation that deviates from its original purpose. Therefore, a debate may also exist over whether it is legitimate to intervene in supply and demand through the tax system."

Regarding financial policy, he added, "Because the lending capacity of financial institutions belongs to the people, finance is semi-public. The issue also remains of to whom we should give the opportunity to utilize finance."

At the same time, he diagnosed, "Opinions exist that people should be allowed to utilize finance to buy homes to make money, but when that happens, finance is used for investment and speculation rather than residence, driving up housing prices and causing harm to the public."

President Lee emphasized that balancing these competing interests is the hardest part of politics, noting that pressing down on one side often causes the other to rise, yet public officials must ultimately take responsibility and sort it out.

President Lee stated, "The power to reach a final conclusion when a gap arises is authority, and public officials are elected or appointed to do that. Complaints inevitably follow, along with severe backlash. However, occasions arise when criticism, resistance, and conflict must be endured."

He added, "Weren't people like me elected to carry out tasks like this, even if they entail some conflict and resistance? When you exercise authority, you bear responsibility in proportion to that authority. The greatest virtue of a public official is taking responsibility."

However, President Lee explained the background of holding today's debate by stating, "(Before public officials make decisions), there is a need to gather opinions from as many people as possible and coordinate them."

He also highlighted that a policy consensus is gradually forming, noting, "In the past, many opinions held that making money was the primary purpose of real estate—or, to put it negatively, that using it for speculation was legitimate. Recently, however, aspects emphasizing a comfortable living environment seem to have grown stronger, and opinions emphasizing consideration for young people, newlywed couples, and multi-child households have also increased."

In addition, he predicted, "Our people are a great people. When an objectively valid conclusion comes out, receptivity is very high. Even when holding rallies, they never smash or beat things down. If we discuss this subject candidly, a certain level of social consensus will be possible."

Furthermore, President Lee proposed holding an additional debate presided over by the Prime Minister if today's debate proves insufficient.

(Photo: Yonhap News)