President Yoon Suk Yeol has vowed to allow run-down houses over 30 years old to be rebuilt without a safety inspection.

The president made the pledge on Wednesday at a public forum on housing in Goyang, Gyeonggi Province as part of drastic deregulations on redevelopment and reconstruction his government will seek.

He seemingly criticized the influence of political ideology by past administrations on housing regulations and policies, including stringent rules applied to redevelopment eligibility, which were deemed to accelerate price hikes.

The president said such policies actually led to soaring housing prices amid supply shortages, with the public bearing the brunt.

Yoon also expressed his intent to remove heavy taxes on owners of multiple homes, saying that it is truly wrong to criticize those people as immoral and to impose punitive taxes.

The president said industries will not develop and the working and middle class will suffer if heavy taxes are levied on ownership.