Vice Minister Lee Sang-gyeong of the Ministry of Land, Infrastructure and Transport, who drew controversy over the remark "If home prices fall, you can buy then" and the spouse's "gap investment," bowed her head, saying, "As a senior public official at the Ministry of Land, Infrastructure and Transport in charge of real estate policy, I sincerely apologize for causing hurt to the public." With calls for Lee's resignation emerging within the ruling party, Lee appears to have issued an apology.
At 10:10 a.m. on the 23rd, the Vice Minister apologized via the Ministry of Land, Infrastructure and Transport's YouTube channel for the recent controversial comment, "If home prices stabilize later, then you can buy (a home)."
The Vice Minister said, "On the 15th, to respond to the sharp rise in home prices in the Seoul metropolitan area, we announced that we would designate all of Seoul and 12 locations in Gyeonggi Province as regulated areas and land transaction permit zones," adding, "During a YouTube interview intended to explain the policy in more detail to the public afterward, I failed to fully consider the position of the many people who are working hard with the dream of owning a home. I apologize."
Earlier, on the 19th, the Vice Minister appeared on the YouTube channel "Booiknam TV" and, while explaining the Oct. 15 measures, said, "If the government stabilizes home prices through policy, then you can buy," and added, "If prices hold and home prices remain the same, then as my income rises and that higher income accumulates, you can buy a home in the future. The opportunity will come around anyway. There is no need to react sensitively, is there?"
After the remark, criticism arose that it stoked anxiety among people without homes at a time when various regulations have made it harder for them to buy. The Democratic Party of Korea later apologized on behalf of the Vice Minister and sought to calm public sentiment.
The Vice Minister also addressed allegations that the spouse engaged in "gap investment," purchasing a home with a jeonse tenant in place. The Vice Minister said, "My spouse bought the apartment for actual residence," drawing a line against the gap investment allegation, but added, "I humbly accept that this fell far short of the public's expectations and I apologize."
The Vice Minister's wife, a person surnamed Han, purchased a 117-square-meter exclusive-area unit at Pangyo Prugio Grand Bleu in Baekhyeon-dong, Seongnam, Gyeonggi Province, for 3.35 billion won in July last year. Han bought the home by signing a two-year jeonse contract for 1.48 billion won on Oct. 5, before the balance payment date.
The Vice Minister said, "I will reflect on myself once again," and added, "Going forward, as the official in charge of real estate policy, I will do my best to ensure the housing market stabilizes quickly."