Lee warns housing bubble risks ‘lost decades,’ vows to bear cost of reform

President Lee Jae Myung warned Thursday that South Korea could be approaching a real estate tipping point that could bring about “20 or 30 lost years” to the economy. While presiding over a public forum on housing policy direction, Lee said he was prepared to bear the criticism, conflict and resistance that could accompany real estate policy reforms, including changes to property taxes. Lee noted that real estate accounts for the largest share of South Korean household assets, with both property