Vice land minister resigns over controversial housing market comments

SEOUL — First Vice Land Minister Lee Sang-kyeong offered to resign Friday over his recent comments suggesting people should buy homes after the overheated housing market stabilizes, amid revelations of his past property dealing that apparently run contrary to the current administration’s policy. Lee had come under fire after appearing on a YouTube channel earlier this week, where he said, “When the market stabilizes and housing prices fall, that’s when people can buy homes.” In a brief notice sent to the media late in the evening, the ministry said Lee has “offered to resign.” The vice minister’s remarks triggered sweeping criticism from online communities, and both the ruling and opposition parties, accusing the vice minister of being tone-deaf to difficulties faced by ordinary people buying homes, as the government last week tightened housing-related loans in an effort to rein in soaring home prices. It was later learned that Lee had purchased a home by leveraging a so-called “gap-investment” scheme using South Korea’s unique jeonse system. Jeonse is a unique housing rental system in

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