President Lee accelerates housing supply plan amid rising public discontent

President Lee Jae-myung has ordered a swift expansion of housing supply, a move seen as a direct response to growing public discontent with the administration's real estate policies. The president's directive came just hours after his return from a seven-day tour of the United States and South America, during which he spent over seven hours reviewing supply-side measures.

"Secure the maximum available supply and find ways to expedite its realization through all available administrative, financial, and regulatory measures," Lee instructed during a meeting on real estate and stock market review. He also called for additional reports and meetings on housing supply and finance within two to three days.

This push for speed comes amid unfavorable public sentiment. A poll released on July 30 indicated that 56% of respondents believe the government's real estate policies are "not being done well," compared to 33% who think they are "being done well." The president's approval rating also fell 5 percentage points to 53% over the same period. Meanwhile, apartment prices in Seoul have continued to climb, marking 77 consecutive weeks of increases as of the last week of July.

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Secure the maximum available supply and find ways to expedite its realization through all available administrative, financial, and regulatory measures.

During the marathon meeting, President Lee intensely questioned officials on the "how much" and "how fast" of housing supply. He reportedly pressed for details on existing plans, such as those for the Taereung Golf Course and Gwacheon Racecourse, asking if their timelines could be advanced. "Prepare supply measures as if squeezing water from a dry towel," he urged. He specifically directed that plans for the Taereung Golf Course, currently slated to begin construction in 2029, be expedited, instructing ministers to find alternative sites and avoid time-consuming debates.

President Lee also addressed criticism regarding the government's tax reform package. He defended the proposed easing of heavy taxes on multiple homeowners, clarifying on his social media that it differs from previous exemptions and is a temporary measure to provide an exit route for such owners.

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Prepare supply measures as if squeezing water from a dry towel.