[The Editors' Verdict] Is Real Estate Speculation Really the Wife's Fault?

Whenever a real estate speculation scandal breaks out, there are always men who blame their wives. Last weekend, Lee Sangkyung, the First Vice Minister of Land, Infrastructure, and Transport who recently stepped down, became embroiled in controversy over purchasing an expensive apartment through gap investment (buying a home with a tenant’s deposit). In a public apology released through YouTube, he stated, "My spouse purchased the apartment for actual residence, but I humbly accept that this falls far short of the public’s expectations." He was subsequently criticized for shifting responsibility by claiming the gap investment was his wife's doing.

View of an apartment complex from Namsan, Seoul on the 20th. Photo by Yonhap News

It may indeed be true that the wife engaged in real estate speculation. Director Im Kwontaek’s film "Bokbuin" (1980) demonstrates that this has been a reality for decades. Saving up a salary to buy a home was never easy, then or now. The 1970s were marked by rapid economic growth and soaring inflation, which drove up housing prices. The film’s female protagonist, Han Jeongim, lives with the fear that her family could become lifelong renters. This was a common sentiment among the middle class at the time. It was an era when husbands would bring home their meager, hard-earned pay envelopes from work and hand them to their wives. Wives had to support the household economy with those thin envelopes.

At the same time, wives did not rely solely on those envelopes-they tried to do something more. They visited real estate agencies and conducted on-site inspections to gather information. They stood in line at lottery sites for new housing allotments. All these activities only required time. In an era when the concept of "career-interrupted women" did not even exist, job opportunities for housewives were extremely limited. Wives who had no other work were not choosing speculation, but rather were being pushed into it.

No matter the circumstances, one might still ask, "Isn’t it true that wives dominated the real estate speculation scene?" The answer can be found in the works of Park Wansuh. In "Children of Paradise" (1978), there is a geology lecturer, "I," and a wife who energetically navigates the real estate market. Although I am uncomfortable with my wife treating land (geology) as an object of speculation and constantly going on site visits, I secretly acknowledge her economic competence, which compensates for my insufficient income. Thanks to her, our children can attend prestigious private schools and the whole family can enjoy expensive meals out. Embarrassed as I may be, I do not reject but rather savor the by-products of speculative desire.

In another work by Park Wansuh, "Seoul People" (1984), the reality of the husband as an accomplice in speculation-a "husband and wife speculation partnership"-is depicted even more clearly. The protagonist, Changuk, is aware that his wife frequents real estate agencies but turns a blind eye. When her efforts do not yield results, he criticizes her and they argue, yet deep down, he desperately hopes she will hit the "real estate jackpot." The message from Park Wansuh’s novels is clear: real estate speculation was not a uniquely female desire, but a universal aspiration of the middle class. It was not "the wife’s speculation," but "the couple’s speculation." And this remains true today.

The Moon Jae-in administration, which called for the "eradication of real estate corruption," was especially criticized for "real estate hypocrisy." On the internet, parody posts mocking the hypocrisy of high-ranking public officials gained popularity. Screenshot from an online community

The reason real estate speculation scandals become so heated is not only because of the resulting economic harm. It is also due to the immorality of hypocrisy and inconsistency between words and actions. The former First Vice Minister Lee, who resigned, was someone who had advocated for blocking and reclaiming unearned income from real estate. There are countless powerful figures who, while banning excessive loans by labeling them as speculation, have themselves accumulated real estate using loans and gap investment.

Of course, living in perfect alignment with one’s words and actions is extremely difficult, and those who manage to do so are often called "saints." Even when people fail to practice what they preach, we usually look the other way. However, it is different for those who can make public declarations and have the power to mobilize money (taxes) and manpower (public officials and organizations) to implement policies. When shortcomings are revealed, what is needed most is humility and a sense of responsibility-the willingness to say, "It’s my fault, it’s my fault." Let’s not blame others out of ignorance. And above all, let’s not blame our wives.