Lee Sang-kyeong, former first vice land minister (Yonhap)
Lee Sang-kyeong, former first vice land minister (Yonhap)

President Lee Jae Myung on Saturday accepted the resignation of the vice land minister amid mounting controversy over his recent comments about the housing market.

On Friday, First Vice Land Minister Lee Sang-kyeong offered to resign as he had come under fire after appearing on a YouTube channel earlier this week, where he said, "When the market stabilizes and housing prices fall, that's when people can buy homes."

The vice minister's remarks triggered sweeping criticism from online communities, as well as both the ruling and opposition parties, accusing him of being tone-deaf to difficulties faced by ordinary people buying homes.

The government last week tightened housing-related loans in an effort to rein in soaring home prices.

The real estate professor-turned-vice minister reportedly has close ties with President Lee and is known to have offered policy advice since the president's days of serving as the Seongnam mayor and governor of Gyeonggi Province.

The housing market has emerged as a hot-button topic in politics ahead of the local elections, set to be held next June.

Apartment prices in Seoul have been on a steep increase in recent months, especially in neighborhoods around the Han River, fueling speculative demand and accelerating upward price trends, emerging as a key policy test for the new government. (Yonhap)