Effective or not, the new steps announced by finance minister Hong Nam-ki - including raising real estate taxes on multiple homeowners to up to 6 per cent per year - will keep public focus on an issue that is wiping out a surge in Mr Moon's approval ratings from the handling of the coronavirus pandemic.
"The sale of high-ranking officials' houses is them doing the right thing morally, but that will not directly contribute to stabilising the property market. It can indirectly affect the market by hinting that the government will strengthen its regulations, but that's about it - just giving signals," he said.
"I'm not even angry. They have been keeping all the good homes, and telling us not to buy anything is extremely unconvincing," he said. His statement came the day before the finance minister himself committed to selling a second property.
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