"Impact on Real End-Users in Nowon, Dobong, and Gangbuk Districts, Please Understand"
Online Backlash Over Remarks Urging "Buy When Prices Stabilize"
Lee Sangkyung, First Vice Minister of the Ministry of Land, Infrastructure and Transport, has sparked controversy with remarks he made while explaining the "October 15 Real Estate Measures" on a real estate-related YouTube channel.
Lee Sang-kyung, the First Vice Minister of the Ministry of Land, Infrastructure and Transport, speaking on the real estate YouTube channel 'Booiknam TV'. Booiknam TV YouTube
On October 19, Lee appeared on the YouTube channel "Booiknam TV" and stated, "If the government stabilizes housing prices through policy, you can buy a house then," adding, "If prices remain steady, you can buy a house after your income has increased and accumulated over time." He continued, "Opportunities will always come around anyway," and regarding regulations, said, "There's no need to react so sensitively."
When the host asked, "There are many complaints that, due to these regulations, the mortgage limit has been reduced by tens of millions to hundreds of millions of won, so only those with a lot of cash can buy a home," Lee responded, "I don't think the loan-to-value (LTV) ratio for high-priced homes is very meaningful," explaining, "This is because real end-users with substantial cash reserves can purchase homes regardless of regulations."
However, he acknowledged, "For real end-users in the Nowon, Dobong, and Gangbuk districts who have been preparing to buy a home through long-term saving and borrowing, there may be an impact," and added, "As a policymaker, I understand that this could be harsh for these individuals, but I ask for your understanding for the sake of overall market stability."
Lee further stated, "Those who are disappointed because they are short by tens of millions or one to two hundred million won and cannot buy a house right now feel this way because they believe housing prices will continue to rise," and added, "The stress comes from trying to buy at this moment."
After these comments became public, criticism spread across online real estate communities. Viewers who watched the video responded, "Housing prices are rising faster than people can save money," "Even in developed countries, most people buy homes with debt. How many people actually buy homes with cash?" and "I turned off the video out of frustration. This shows a disconnect from reality."
Meanwhile, according to the September 2025 asset disclosure for ad-hoc filers released by the Government Public Officials Ethics Committee, Vice Minister Lee reported assets totaling 5,662,910,000 won. Notably, his spouse was reported to own an apartment in Pangyo Prugio Grandble, Baekhyeon-dong, Bundang-gu, Seongnam (3,350,000,000 won), as well as a deposit of 100,000,000 won for a neighborhood living facility in Jeongja-dong.
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