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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.

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