President Lee Jae-myung said on the 21st that "the myth of Gangnam's unbeatable property market and the era of real-estate-obsessed politics will now become a thing of the past."
Lee, who is traveling in the United States and Mexico to attend the U.N. General Assembly, wrote the remarks on X, formerly Twitter, while sharing a post describing the government's Housing Stability Plan announced the previous day. The plan calls for supplying an average of 240,000 public housing units a year through 2030, including units for public sale and public rental, and for introducing a "universal public rental" program offering larger floor space and other features to address a range of needs.
In sharing the article, Lee stressed that the myth of Gangnam's unbeatable property market would become a thing of the past, adding, "It must be so."
The remarks are seen as signaling his intent to press ahead with a rapid expansion of housing supply, as he outlined at a news conference on the 18th, while holding firm to the policy goal of breaking away from a society obsessed with real estate.
Lee, who arrived in New York on the same day, is scheduled to deliver a keynote address at the U.N. General Assembly on the 22nd.
