South Korea finance minister loses home as housing policy comes back to haunt

SEOUL (Reuters) – South Korea’s finance minister, the architect of rules aimed at protecting tenants and slowing deposit increases, has himself been forced to look for a new home as landlords react to the rules by quickly replacing tenants so they can bump up deposits.

South Korea’s finance minister Hong Nam-ki presides over a meeting at the government complex in Seoul, South Korea, October 16, 2020. Picture taken on October 16, 2020. Yonhap via REUTERS

Hong Nam-ki is also faced with broadening his search as the average deposit where he lives 20 minutes from parliament has soared by a third since his housing rules took effect in July, with the irony of his predicament setting the internet alight.

“Worse comes to worst, he can camp by the Presidential Blue House, right?,” one netizen asked on a real estate forum.

Seoul apartment prices have risen more than 50% since the left-leaning

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