President Lee Jae-myung stated, "The people-sovereign government will eradicate ruinous real estate speculation by any means necessary," adding, "We will mobilize all national capabilities to expand housing supply and expedite deliveries, alongside financial and tax reforms."

President Lee posted on X (formerly Twitter) today, writing, "We will definitely correct unfair and unreasonable tax systems proven to fuel speculation, if only for the sake of tax justice."

He went on to emphasize, "For the hope of the next generation, we must eliminate the 'bomb-passing' game of real estate speculation and the risk of a 'lost 30 years'."

Recently within the Democratic Party, voices have emerged calling for relaxation in the government's tax revision plan, such as broadening the recognition of "inevitable non-residence reasons" for single-home owners who do not reside in their properties.

While the presidential office has shown an attitude of listening to the ruling party's opinions, it is seen as emphasizing that its reform resolve for stabilizing the housing market remains unchanged, separate from these discussions.

Specifically regarding supply measures, President Lee stated, "Early expansion of housing construction will be implemented without fail. Housing permits and construction starts in the greater Seoul area and Seoul plummeted for over three years starting in 2022, but we will provide maximum incentives for early permits and construction starts, such as granting district office heads the authority to issue permits for projects of 500 units or fewer."

He also explained, "Some media outlets criticize that tightening finance while increasing the aggregate volume of loans is a policy contradiction, but this may be a case of intentionally inciting the public and attacking the government," adding, "Expanding finance to increase housing supply or increasing loans for youth and other genuine homebuyers are targeted pincer policies."

He added, "As the Minister of Land put it, as if 'crazy for not being able to supply,' we will increase supply as quickly as possible," and "The Prime Minister is inspecting progress every day, and the presidential office is also conducting regular inspections."

Furthermore, President Lee pointed out, "Those interested in real estate speculation should pay special attention to the part in media reports that says 'Bank of Korea interest rate expected at 3.5% in the first quarter of next year'."

While attaching the caveat that "The government does not interfere with interest rates and is not even allowed to interfere," President Lee emphasized, "We must take into account situations such as the rapid overcoming of sluggish growth that had previously hindered interest rate normalization."

This is seen as implying that an upward trend in interest rates could put the brakes on soaring housing prices, serving as a message to curb unconditional expectations of rising home prices.

He further noted, "One more thing to note is that mortgage delinquencies and auction properties are increasing significantly. I hope you will also pay attention to the auction clearance rate."

He explained, "The government has instructed preparations for a system to mass-purchase housing below a certain standard for public housing use, in preparation for a potential plunge in housing prices caused by early mass supply, suppression of speculative demand, and a surge in loan delinquencies and auctions due to high interest rates."

While highlighting his resolve to stabilize the housing market, President Lee also stressed "quiet reforms that minimize resistance" on the other hand.

President Lee said, "It is said that reform is harder than revolution because of the anxiety, pain, and resistance of those losing vested interests," and "Making claims is the role of those challenging to gain power, while the role of those who have already seized power is implementation and performance. There is no need to raise our voices and intensify the anxiety and resistance of vested interests."

President Lee stated, "Public trust in political groups will be decided by who actually made or can make a better life for the people," and added, "Let us overcome all abnormalities and head toward an irreplaceable Republic of Korea that builds a Korean golden age, as Jensen Huang said."