Photo : YONHAP News
President Lee Jae Myung urged officials to carefully draw up financial measures to address soaring housing prices but said taxation as a means of stabilization should be a last resort.
During Tuesday’s Cabinet meeting in the central administrative city of Sejong, Lee said the whole country has become subject to speculative investment, and that the financial sector has had the biggest impact.
The president said excessive borrowing to buy homes and expand assets has become a trend and that those that do not engage in such dealings feel disadvantaged.
He stressed that the financial sector is key to containing the overheated real estate market and urged the government to prepare adequate policy.
He compared taxation to a nuclear bomb that must not be recklessly pursued but can be deployed if circumstances require.