Lee Chang-yong's Shocking Statement to Foreign Media: "To Control Seoul Housing Prices, Limit Gangnam Students' Access to Prestigious Universities"

Bank of Korea Governor Advocates for Extreme Solutions

Lee Chang-yong, Governor of the Bank of Korea, argued that extreme measures are needed to curb the excessively rising housing prices in Seoul, to the extent of restricting the admission of students from wealthy areas such as Gangnam to top-tier universities.

Lee Chang-yong, Governor of the Bank of Korea, is speaking at the Monetary Policy Direction press conference held on the morning of August 22 at the Bank of Korea in Jung-gu, Seoul.

In an interview with the British Financial Times (FT) published on the 24th, Governor Lee stated, "Due to the intense educational fever centered around Gangnam, housing prices in the metropolitan area are rising, loans are increasing, inequality is worsening, and the population decline in rural areas is accelerating."

He explained, "The wealthy in Seoul send their 6-year-old children to college entrance academies," and "Women quit their jobs for their children's education."

He added, "This fierce competition harms the economy and makes everyone unhappy," emphasizing that "extreme solutions" are necessary, such as encouraging people to leave Seoul.

Furthermore, he said, "World leaders often praise Korea's education system, but they do not understand the reality."

Earlier, the Bank of Korea proposed a regional proportional selection system for top universities, including Seoul National University, as a measure to address the distortion of housing prices in the metropolitan area. Under this system, each university selects new students based on the regional school-age population ratio, while freely choosing selection criteria and methods.