×
App Icon
The Standard e-Paper
Fearless, Trusted News
★★★★ - on Play Store
Download App

South Korea's Moon sacks top economic official for raising rent amid home price uproar

South Korean President Moon Jae-in. [Courtesy]

South Korean President Moon Jae-in on Monday fired his top economic policy adviser for raising the rent on an apartment he owns in Seoul’s affluent Gangnam district amid a public furore over skyrocketing home prices.

Kim Sang-jo raised the rent by about 14% in July, two days before a 5% cap on rent increases took effect as part of government efforts to protect tenants from unreasonable hikes.

Get Full Access for Ksh299/Week.
Fact‑first reporting that puts you at the heart of the newsroom. Subscribe for full access.
  • Unlimited access to all premium content
  • Uninterrupted ad-free browsing experience
  • Mobile-optimized reading experience
  • Weekly Newsletters
  • MPesa, Airtel Money and Cards accepted
Already a subscriber? Log in