S. Korea’s Vice Land Minister resigns over controversial housing remarks
President Lee Jae-myung accepted the resignation of First Vice Land Minister Lee Sang-kyeong following backlash over his comments on the housing market.
Lee had sparked controversy during a recent YouTube appearance, stating, “When the market stabilizes and housing prices fall, that's when people can buy homes.” Critics, including online communities and members of both ruling and opposition parties, said the remarks were insensitive to ordinary homebuyers struggling with rising prices, News.Az reports, citing Yonhap.
The resignation comes amid government efforts to cool the housing market, including tightening housing-related loans. The vice minister, a real estate professor and long-time advisor to President Lee, had previously contributed to policy during Lee’s tenure as Seongnam mayor and Gyeonggi governor.
Housing affordability has become a politically sensitive issue, with apartment prices in Seoul, particularly along the Han River, rising sharply and fueling speculation ahead of local elections next June.
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