Lee Says Property Market Must Be Stabilized, Vows Focus on Livelihoods

President Lee Jae-myung said stabilizing the property market and improving living standards felt by the public would be core tasks for his administration going forward. He also acknowledged that improving economic indicators had yet to translate into people’s daily lives and pledged faster policy execution.

At a press conference at the Blue House on September 18, Lee said his government had failed to respond convincingly to public concerns over why stronger economic data had not improved their lives and, in some cases, had left them feeling worse off. He said the administration would focus not only on recovery and growth, but more intently on improving livelihoods.

Lee also accepted responsibility for a recent shift in public sentiment. He said he had in fact been taken aback by the sudden public disappointment and concern that followed the local elections. In trying to address too many issues too quickly, the government failed to fully understand more people’s concerns, he said. Lee added that he would respect public opinion as much as possible in exercising state power and review the personnel system again.

On real estate, Lee said he would make sure the market is stabilized. The government plans to move swiftly on housing supply, regulatory and tax measures while maintaining sufficient communication with stakeholders to minimize market disruption during the policy rollout.

As part of a balanced national development strategy, Lee proposed developing Seoul and Sejong as the country’s economic and administrative centers, respectively. He said South Korea would open an era of two capitals for the economy and administration, built around “economic capital Seoul” and “administrative capital Sejong,” like New York and Washington, and would accelerate efforts to build the administrative capital.

Lee also renewed his proposal to disperse power through constitutional revision. He said the 1987 Constitution does not adequately reflect today’s social and economic environment and that presidential authority should be redistributed to the National Assembly and local governments while strengthening citizens’ basic rights. He ruled out any possibility of remaining in office after such a revision, saying he had no intention of serving another term.

Lee said the three pillars of his administration going forward would be livelihoods, reform and integration. He vowed to tighten his shoelaces again and prove himself with results rather than words, while steadfastly pursuing livelihoods, reform and integration in line with the public’s wishes.