President Lee orders 'extraordinary measures' to boost housing supply

President Lee Jae-myung has directed government ministries to secure housing supply by implementing "extraordinary measures" to bypass administrative regulations that hinder progress. Presidential office spokesperson Sung Ki-hong emphasized the government's "sense of urgency" regarding housing supply, likening the approach to a "speed battle."

“

The president is directly addressing the administrative hurdles hindering housing supply and is telling the relevant ministries to secure supply volumes with extraordinary measures that break away from past practices as much as possible.

Sung stated that the administration is developing multifaceted strategies for expanding housing supply and rationalizing housing finance. He indicated that policies addressing these issues, including supply-related measures, would be announced to the public in the near future. The government also plans to continue expanding public rental housing and easing the housing cost burden for young people and those without homes.

“

The government is approaching (housing supply) with a very extraordinary resolve. I would call it a speed battle.

In response to concerns about excessive stock market volatility, particularly concerning leveraged financial products, Sung acknowledged the president's awareness of the issue. President Lee has reportedly instructed his staff to thoroughly examine and analyze the factors contributing to market fluctuations and to take swift action. The government has already raised the minimum deposit requirement for certain financial products from 10 million won to 30 million won and excluded 대용증권 (substitute securities) from this requirement.

“

We are currently devising multifaceted measures for housing supply expansion and housing finance rationalization. We plan to present policies including supply issues to the public as soon as possible.

Sung suggested that further measures could be considered if necessary, stating that the government is closely monitoring the market situation and is prepared to implement additional policies as part of ongoing management. Regarding a recent discussion on the prosecution's investigative authority, Sung clarified that President Lee is well-versed in the core aspects of the relevant legal amendments, and his questions during a briefing were aimed at understanding the operational implications for joint investigation teams following the changes.

“

The president is also clearly aware of this, just like the public. He has emphasized to his aides that they thoroughly examine and analyze the factors that increase stock market volatility and take swift action.