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Discussions were also held regarding loan regulations and housing supply issues. President Lee Jae-myung noted that overly accessible Jeonse (lump-sum housing deposit) loans are one of the causes behind surging housing prices, mentioning the need for adjustments. He also emphasized a fast-paced approach to supply, such as shortening the construction period for the third-phase new towns.

This is reporter Kang Cheongwan.

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President Lee Jae-myung mentioned the need for policy adjustments, stating that because Jeonse loans have been too easy to obtain, housing prices have skyrocketed and even led to Jeonse fraud.

[President Lee Jae-myung : While Jeonse loans serve as a support policy for stabilizing the housing welfare of ordinary citizens, they have simultaneously become a major driver of soaring housing prices. I think it is now time to adjust this.]

In particular, he asked the attendees for their opinions on whether Jeonse loans should really be provided to people who already own homes.

[President Lee Jae-myung : Raise your hand if you think we should not provide them.]

However, he added a caveat that "targeted support" is necessary for housing vulnerable groups such as young people, newlywed couples, and ordinary citizens who genuinely need to secure Jeonse loans.

The debate grew heated regarding the reality of housing supply measures.

[Koh Jong-wan / Private Real Estate Expert : Supply shortage is the biggest cause. There is a concern that insane housing prices and insane Jeonse prices from 3 or 4 years ago could potentially recur....]

[Chae Sang-wook / Private Real Estate Expert : There is completely no content regarding how many units of private rental housing will be built during the 5-year term of the Lee Jae-myung administration, in which regions they will be built, or what types they will be.]

[President Lee Jae-myung : It is not that we are indifferent; there are existing systems in place. But they probably are not functioning very well. The fundamental problem is that there is almost no land left for new construction.]

[Chae Sang-wook / Private Real Estate Expert : Within downtown areas, there are not only residential land plots but also many non-residential plots, idle sites, and plots whose usages can be converted.]

[President Lee Jae-myung : Well, those kinds of sites will need to be discovered.]

While expressing frustration that finding housing sites in Seoul is difficult, which clearly limits supply, President Lee also promised a fast-paced approach to cut the construction period of the third-phase new towns by more than half.

(Photo courtesy of: Reported by Jeong Sang-bo and Ha Ryung, Video Editing by Nam Il)