(LEAD) Lee orders bold push for large-scale housing supply

SEOUL, Aug. 7 (Yonhap) -- President Lee Jae Myung directed government officials to aggressively increase housing supply during a meeting on Friday, according to a presidential spokesperson. The move aims to alleviate the pressing issue of soaring real estate prices in South Korea. During the six-hour session, ministers presented various policy proposals, such as financing measures, to boost the housing supply, the spokesperson disclosed.

Throughout the meeting, participants deliberated on the necessity of implementing a large-scale expansion of housing supply and the urgency of executing these measures promptly. In a decisive gesture, Lee instructed Prime Minister Han Seong-sook and other ministers to abandon outdated thinking patterns and adopt transformative decisions to effectively address the housing crisis.

The urgency of this task is underscored by the persistently high housing prices in Seoul and surrounding regions, which have become a paramount policy challenge for the Lee administration. In a bid to tackle this issue, the government unveiled a series of tax revisions on Monday, which seek to impose a higher tax burden on owners of high-value properties. Additionally, the government is anticipated to unveil comprehensive housing supply plans in the near future.

During a related meeting on Monday, Lee emphasized the need for officials to devise measures that maximize housing supply as swiftly as possible.