Slow Letter is
a curated snapshot of Korea.

We go beyond the headlines, connect the dots, and show you what really matters — with insight and edge. We surface the stories behind the noise and bring the context you didn’t know you needed. It’s not just about what’s happening. It’s about why it matters.

This English edition combines AI-powered translation with careful human editing — using Upstage Solar-Pro-2 — and it’s still in beta mode.We’re learning as we go, and your feedback is invaluable.

Shut Up and Build: 230,000+ Units.

• The Ministry of Land, Infrastructure and Transport unveiled a rapid housing supply plan. Following last year’s September 7 measures, it aims to add 230,000+ units to the capital region.
• Lee Jae-myung (President) reportedly said, “We need to draft concrete execution plans that make people think, ‘Are they crazy for not building houses?’” The measures emerged from his demand to “squeeze even a dry towel.”
• The plan includes 160,000 public housing sites + 14,000 urban core units + 59,000 induced supply units.
• The public housing site process—from candidate site announcement to groundbreaking—will be reduced from 68 months to 37 months.
• 100,000 public housing district units will be announced within this year. All of Seoul’s greenbelt areas will be temporarily designated as land transaction permit zones.
• Redevelopment and reconstruction will be expanded by 235,000 units. The redevelopment association establishment approval rate will be lowered from 75% to 70%, and incentives like acquisition tax reductions for quick-start projects and extended PF loan guarantee exceptions will be provided.
• LH purchase leases will also expand to 140,000 units in the capital region. The construction business acquisition tax reduction rate will increase from 15% to 70%.
• Non-apartment housing will be addressed too. Building area restrictions will be lifted, and LTV ratios for new rental business mortgages will increase.
• A universal public rental system will also be created. 15% of public sales will be supplied as equity-accumulation models.
• Related Link.
• Related Link.

Greenbelt Restrictions Relaxed.

• Greenbelt designations in Namyangju’s Wabu-eup will be lifted to build 21,700 households.
• Chosun Ilbo noted, “20,000 units in Namyangju are insufficient,” adding, “Commuting via public transport is impractical, and large-scale new towns are already under development nearby.” The paper questioned whether this would stabilize housing prices.
• The key issue is how much more greenbelt will be released in the Seoul area, as Kim Yoon-deok (Minister of Land, Infrastructure and Transport) vowed, “We will supply housing even if it means lifting greenbelt restrictions.”
• Previously discussed greenbelt areas—Gangnam, Songpa, and Hanam—were excluded from this announcement.
• Lee Jae-myung (President) stated, “If necessary, we must boldly secure land by revising laws and systems.” The Hankyoreh analyzed, “This appears to target Oh Se-hoon (Seoul Mayor), who previously insisted, ‘Greenbelt release is impossible even at the cost of death.’”
• Oh Se-hoon argued, “While greenbelt release is a government prerogative, I remain firm that green space destruction should be a last resort.” He added, “If Seoul’s planned redevelopment projects proceed normally, 310,000 housing units could be supplied by 2031.”
• Kim Yoon-deok explained, “These are Grade 3–4 areas already significantly degraded.” Jin Hee-seon (Yonsei University professor) countered, “The degradation itself stems from tolerated illegal development,” adding, “Instead of releasing restrictions, proper restoration should be prioritized.”
• Related Link.
• Related Link.

“1.5 Million Households Can Be Launched Within the Term.”.

• Ha Joon-kyung (Blue House Economic Growth Chief) said this. The 1.35 million households announced during last year’s September 7 measures plus the 230,000 households from the August 13 measures add up to over 1.5 million households.
• “Beyond a speed war, it’s a blitzkrieg,” he emphasized.
• JoongAng Ilbo pointed out, “Of the 1.58 million households, almost none will be ready for occupancy within this government’s term.”
• The Hankyoreh noted, “In Seoul, only 1,000 units at Yeomchang Park and 270 units at Gonghang Airport site are planned, and even those are slated to start construction in 2029 at the earliest.”
• Even if construction starts are rushed, occupancy takes at least four years. Yang Ji-young (Shinhan Premier Research Committee) pointed out, “The effect of filling the immediate shortage of occupancy units from this year to next year or stabilizing jeonse and monthly rents may be limited.” Public housing sites are also frequently delayed. “The key is not the number of units but how well the start dates are kept,” goes the argument.
• Related Link.

Tighten Loans, Loosen Supply.

• The Financial Services Commission also released a comprehensive financial plan to stabilize the real estate market. It will increase housing supply financing support from 26.3 trillion won to 47.8 trillion won + alpha.
• The PF guarantee supply target will rise from 23 trillion won this year to 33 trillion won next year and 30 trillion won in 2028.
• Demand will be further restricted. Loan regulations such as LTV (40% in regulated areas) and DSR (40% for banks) will remain unchanged, while non-resident single-homeowners with speculative intent will face restrictions on jeonse loan guarantees.
• The household debt growth rate will be raised from 1.5% to around 3%.
• Related Link.

No Jeonse Loans for Unoccupied Homes.

• This aims to block speculative gap investments. Shin Jin-chang (Financial Services Commission Secretary-General) stated, “If a person has never registered their residence there, it’s subject to regulation,” adding, “If they’ve lived there even once, we won’t question why they’re currently renting elsewhere.”
• Seo Jeong-yeol (Youngsan University professor) warned, “Forcing single-homeowners to move into their properties triggers a chain reaction in tenant relocations,” noting, “This ultimately increases upward pressure on sale and jeonse prices, with the burden falling disproportionately on low-income renters.”
• Yoo Sun-jong (Konkuk University professor) cautioned, “The market could distort, weakening the role of jeonse as a ladder to homeownership for non-homeowners.”
• Related Link.
• Related Link.

Buying a Home by Monthly Rent.

• Create a ‘Youth Future Nest Loan.’ For first-time homebuyers under 39 purchasing non-apartments (under 85㎡) priced under 400 million won, increase LTV to up to 80%. A two-year limited product with 3 trillion won annual funding.
• Borrowing 200 million won over 30 years results in monthly principal-and-interest payments of 850,000 won—similar to the average 800,000 won monthly rent for non-apartments.

Just Supply, What Effect?

• Cynical reactions abound.
• Expanding supply is a tired trope of conservative media and economic dailies, but market sentiment doesn’t shift on supply plans alone. It’s a bad sign that a government once boasting “it’s easier than demolishing a valley” is now visibly floundering.
• As Choi Byung-cheon (Sejong Law Firm Senior Advisor) warned, repeating ineffective measures only reinforces the perception that policies fail to function. There’s a risk of falling into the “don’t think of an elephant” trap.
• Kim Seung-bae (Director of the Real Estate Development Industry Research Institute) said, “With so many two-year temporary measures, restoring the ecosystem is difficult.”
• Lee Eun-hyeong (Research Fellow at the Korea Construction Policy Institute) pointed out, “Pushing supply expansion while maintaining demand-suppressing regulations lacks practicality.”
• Jo Jeong-heun (Land and Housing Committee Chair at the Economic Justice Citizens’ Coalition) criticized, “It’s closer to demand-stimulating policies that keep inflating market bubbles.”
• Related Link.
• Related Link.
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What Matters Now.

“This Path Leads to Collapse.”.

• Spoken by Heo Young (Democratic Party lawmaker) at a closed-door party meeting. “We’re seeing an additional 100 trillion won in tax revenue now—why touch taxes?”
• Lee Yeon-hee (Democratic Party lawmaker) said, “The government claimed it wouldn’t control housing prices through taxes, but trust is broken,” adding, “This will label 1.49 million non-resident single-homeowners as policy resistors.”
• Hong Ki-won (Democratic Party lawmaker) remarked, “There’s talk that even in a Seoul mayoral re-election, the Democratic Party couldn’t win,” warning, “Reducing tax benefits for non-resident single-homeowners could be like pouring oil on a burning fire.”
• Though Cheon Joon-ho (Democratic Party lawmaker) urged, “We need orderly messaging externally,” the remarks leaked to multiple outlets.
• Some regional lawmakers left the meeting, saying, “This doesn’t concern our areas.” One remarked, “Our regions are flooded with unsold apartments—completely different worlds from the capital region.”
• Related Link.
• Related Link.
• Related Link.

Kim Min-seok and Jung Chung-rae: To the Bitter End.

• Positions are sharply divided.
• Jung Chung-rae insisted, “The 52-hour workweek must be upheld,” while Kim Min-seok (Democratic Party lawmaker) backtracked, saying, “We can discuss it later.”
• On dropping charges, Kim Min-seok took a relatively flexible stance: “If there was manipulation, we drop it; if not, we proceed.”
• Jung Chung-rae also posted on Facebook, “What has Kim Min-seok actually done for housing supply?”
• Kim Min-seok responded, “Jung Chung-rae’s issue is either insufficient understanding of governance direction, lack of capacity to resolve it, or making contradictory statements when it matters.”
• Song Young-gil (former Democratic Party leader) is the “new stealer.” He argued, “We must overcome the binary thinking that ‘real estate is speculation, stocks are investment.’”
• Related Link.
• Related Link.
• Related Link.

Inflation Saved the Fed Chair.

• US inflation rose only 0.1% in July. Kevin Warsh (Federal Reserve Chair), criticized for missing the rate hike window, has at least temporarily dodged a bullet. Stocks are up, oil is down, and stability is returning.
• The Wall Street Journal analyzed, “This proves the Federal Reserve’s cautious stance in July was correct, despite pressure from media and parts of the financial sector to raise rates.”
• The New York Times noted, “While the inflation rate has eased, prices remain high.”
• Rate hikes are off the table for now, but concerns grow that stagflation may be looming. Employment figures are also weak. July consumer prices were 3.4% higher year-on-year. Second-quarter growth was 1.5%.
• Philip Brown (Northwestern University professor) warned, “The longer the Fed tolerates inflation, the higher the cost of fixing it.”
• Related Link.
• Related Link.
• Related Link.

Anthropic IPO: Scaling to $200 Billion.

• Whether it would reach $100 billion was the key question—but they’ve raised the stakes. It could surpass SpaceX’s $180 billion and become the largest IPO ever.
• Revenue growth is strong for now. Projections suggest an annualized revenue of $100–120 billion by year-end.
• All three major US indices rose yesterday. The S&P 500, Dow, and Nasdaq gained 0.65%, 0.13%, and 0.81% respectively.

Deep Dive.

NBS Poll: President’s Lowest Approval Since Inauguration.

• President’s approval rating stands at 49%. The Democratic Party and People Power Party hold 40% and 23% respectively.
• Real estate policy received a 57% disapproval rating.
• 56% responded that judicial reforms would cause more harm than good.
• Lee Jae-mook (Professor, Hankuk University of Foreign Studies) noted, “It’s natural for honeymoon periods to end after a year in office, but the decline’s steepness is concerning.”
• Park Sang-byung (political commentator) analyzed, “The administration projects an image of abandoning progressivism while targeting centrist conservatives in policy.”

No Bumper.

• Hankyoreh pointed out, “The president and aides’ frontline operational style is not unrelated to the sharp drop in approval ratings.” “There’s no bumper to absorb the shock,” it added.
• The Democratic Party convention saw a debate over the core. Jung Chung-rae (former Democratic Party leader) claimed, “The core base is shaking.” Kim Min-seok (former Prime Minister) countered, “If they leave when the mood turns sour, they can’t be called the core.”
• Related Link.
• Related Link.

“Even with Term Shortening, Decentralized Constitutional Reform Needed.”.

• Kim Tae-ho (People Power Party lawmaker) shared a story he heard while playing golf with Lee Jae-myung (President).
• Lee reportedly said, “No matter how much I want to, if I push for constitutional reform, it backfires,” adding, “It would be better if the momentum builds organically at the National Assembly level.”
• Related Link.

Courts to Fill Prosecutorial Investigation Void?

• Courts also face heavy burdens. Until now, prosecutors have prepared and submitted all cases, but with the abolition of supplementary investigative authority, there are concerns that a second round of investigations could unfold in courtrooms.
• Currently, trial prosecutors can verify details with investigative prosecutors to supplement necessary information, but under the prosecution bureau system, courts may need to directly request confirmation from police.
• A senior judge interviewed by Kyunghyang Shinmun said, “I can’t even begin to imagine how trials will proceed.”
• Worries also grow that trials will be delayed and acquittals will increase.

Another Take.

Voluntary Recruitment System Ahead from Next Year.

• “Life is an investment. Time in the military shouldn’t be wasted.” These were the words of Lee Jae-myung (President).
• Starting next year, some troops will be recruited voluntarily.
• Ahn Gyu-baek (Minister of National Defense) previously mentioned plans to hire around 50,000 highly skilled technical non-commissioned officers who operate cutting-edge weapons and establish a post-service career linkage system.
• Chosun Ilbo pointed out, “As youth approval ratings plummet, isn’t the Blue House rushing to implement selective recruitment?”
• Related Link.

A Grandfather’s Controversial Legacy.

• Claims emerged that actor Ha Young’s great-grandfather was a pro-Japanese collaborator. After mentioning on a variety show that his family was “four generations of doctors,” his lineage was thoroughly scrutinized.
• Ha Young’s great-grandfather Ahn Sang-ho studied medicine in Japan, returned to open a hospital in Hanyang, and even treated Emperor Gojong and Emperor Sunjong. Records show he joined the pro-Japanese group Daejeong Chinmokhoe, and a piece in the Chosun Ilbo (then Maeil Sinbo), the colonial government’s mouthpiece, praised him as “a model of complete assimilation into the Japanese mainland and Korean unity.”
• Though suspicions linked him to the poisoning of Gojong, these were never confirmed and are likely untrue.
• While not listed in the Dictionary of Pro-Japanese Collaborators, Bang Hak-jin (head of the Korean History Issues Research Institute) told The Hankyoreh, “He was indeed a pro-Japanese figure.”
• Historian Shim Yong-hwan argued, “Labeling someone a pro-Japanese collaborator solely based on membership in a specific organization, without clear evidence of collaboration, is problematic.”
• Ha Young issued an apology: “I reflect on my casual remarks about my family history, made without fully understanding our nation’s painful colonial past.” Circumstantial evidence suggests he was likely unaware of Ahn’s actions.
• The Kyunghyang Shinmun emphasized, “Explaining all actions as ‘structural inevitability for elites of that era’ is insufficient.” It noted, “While colonial structures constrained individual choices, there were still divergent paths—collaboration, resistance, silence, exile, personal success, or sacrifice for the community.”
• Related Link.
• Related Link.

Journalists Were on That Trump Plane.

• After receiving intelligence of a terror threat, they moved to a catering box and boarded another plane.
• Marco Rubio (U.S. Secretary of State) and Scott Bessent (U.S. Treasury Secretary) arrived on Air Force One without Donald Trump (U.S. President). The press corps on the “decoy plane” had no idea.
• The real “door-knob trio” were brought along: Dan Cavino (White House Deputy Chief of Staff and Personnel Director), Natalie Harff (Personal Aide), and Walt Nota (Director of the Oval Office Operations).

Curbing Local Government Direct Contracts.

• Municipal governments cannot enter into direct contracts with the same company more than five times or exceeding 200 million won annually.
• Provincial governments are limited to seven times or 300 million won per year.
• Lee Jae-myung (President) cited Kyunghyang Shinmun’s “The Honorable Contract King” article, noting, “The Ministry of the Interior and Safety should have been monitoring this but was unaware.”
• According to Kyunghyang Shinmun, over the past four years, 2,179 direct contracts worth at least 50 billion won were linked to local council members. A construction company with the siblings of Do Ki-wook (Gyeongbuk Province Council Member) as executives secured a 5.9 billion won project in Yecheon County. Some council members continue side businesses after election, or transfer company ownership to in-laws for “parking.” Self-initiated contracts and awards abounded.
• Related Link.

The Fix.

An Extra 100 Trillion Won in Revenue: Let’s Give Citizens a 100,000 Won Allocation Vote.

• Lee Sang-min (Research Fellow at the Korea Institute of Public Finance) proposed a citizen allocation vote, which the civic group “Citizens’ Action Together” implemented as a website. [ Citizen Allocation Vote Site ] allows users to allocate a 100,000 won budget among over 600 programs.
• Kim Tae-il (Professor at Korea University) emphasized, “If many people participate in this experiment, the results could significantly influence how the actual surplus tax revenue is allocated.”
• “Citizens will take interest in various government projects and think twice about how their taxes are spent. Even a thousand-mile journey begins with a single step. For now, let’s join this simulation.”
• Related Link.
• Related Link.

Financial Services Commission and Financial Supervisory Service to Move to Sejong.

• Industrial Bank, IBK, and Export-Import Bank of Korea will also relocate to regional hubs.
• A financial sector insider argued, “If the logic of moving the Ministry of Oceans and Fisheries to Busan applies, financial operations should remain in Seoul.” An economic ministry official stated, “Relocating the FSC would streamline coordination with economic ministries based in Sejong.”
• Relocating policy banks requires amendments to laws such as the Industrial Bank of Korea Act.
• IBK has already sparked competition among Busan, Daegu, Gyeongnam, and Jeonbuk for its new headquarters.
• Related Link.

ICYMI.

Starbucks’ First-Ever Operating Loss.

• It’s the first time in 27 years.
• Second-quarter revenue fell 6.1% to 747.3 billion won compared to the same period last year.
• Operating profit turned from a 40.3 billion won surplus last year to an 18.4 billion won deficit.
• First-quarter operating profit was 29.3 billion won—this quarter saw a 47.7 billion won drop.

‘Startup for All,’ Round Two Aims for 10,000 Participants.

• Scaled the project to over three times its original size: 62.8 billion won in the first round, 200 billion won in the second.
• Expanded eligibility: now includes entrepreneurs restarting within seven years.
• Over 80% will be pre-startup applicants, with 70% selected from non-capital regions.

Worth Reading.

Social Mix Collapsing.

• Social mix refers to urban and housing policies that ensure people of different income levels, social classes, ages, and household types live together in the same area or residential complex.
• Yoo Hyun-jun (Hongik University Professor) criticized, “Forcing out private jeonse+monthly rentals to take only government-led rental housing is like reclaiming tidal flats and destroying their diverse ecosystems.” Penalizing non-resident single-homeowners sends a message: “Live only in your own home.”
• “If this continues, high-end housing prices may drop, but mid- to low-priced housing costs will rise—and social mix will vanish. (Omitted) History shows that utopian promises often lead to ‘hell.’ Believing only the government is righteous is a dangerous illusion.”
• Related Link.

If AI Wasn’t Frightening Before, It’s Time to Be Afraid.

• OffAI’s reasoning agent escaped its sandbox and unleashed a massive cyberattack. Anthropic’s test model deceived administrators to implant malicious code and create backdoors.
• Both continued their attacks despite knowing they were operating outside intended boundaries.
• Bernie Sanders (Democratic Senator) stated, “We must stop building machines humans cannot control.”
• Nate Soares (MIRI Director) emphasized, “Just as the US and USSR cooperated to avoid nuclear Armageddon, we must prevent AI competition from leading to the world’s end.” “If we act swiftly, there is still time to avert disaster,” he added.
• Related Link.
• Related Link.

Prosecutorial Reform Requires a White House Task Force.

• Han In-seop (Seoul National University Professor) emphasized, “Progress must be checked daily, with consistent encouragement and a clear direction.” This is not a matter for the president to merely receive reports, reprimand, or observe passively.
• Han In-seop stressed, “The administration must approach this not as a grader evaluating students, but as a test-taker earnestly striving before the public.”
• Related Link.

Lee Jae-myung Criticized Yoon Suk-yeol’s Enforcement Decree Governance.

• Enforcement decrees can address matters delegated by law.
• The president cannot overturn laws passed by the National Assembly through enforcement decrees.
• Lee Jae-myung (President) once argued as Democratic Party leader, “Rule by enforcement decree, relying on executive orders, must never be tolerated.”
• Yet this same Lee Jae-myung has now instructed a review of limiting the scope of labor disputes via enforcement decree.
• Jeong Hyeok (Kyunghyang Shinmun columnist) noted, “This contradicts the legislative intent of the Yellow Envelope Law and risks infringing on the constitutional right to collective action.”
• Related Link.

Will the Party Leader Who Lost the Seoul Mayor Election Keep His Seat?

• Remarks attributed to a senior Democratic Party lawmaker carry multiple implications.
• First, Oh Se-hoon (Seoul Mayor) may receive a sentence invalidating his election, triggering a by-election next year.
• Second, the Democratic Party is likely to lose that election again.
• Third, the current Democratic Party leader, elected under these conditions, will likely resign in the aftermath.
• Lee Jeong-ae (Hankyoreh Columnist) observed, “This is why the Democratic Party is criticized as ‘a party that crafts policies from the perspective of those who own cozy homes in Seoul and trade stocks with spare cash.’” The remark underscores accusations that the party prioritizes vote-counting over substantive policies for youth and the homeless.
• Related Link.

Women Are Turning Away.

• “A slight drop from a high and a group that was once a solid base beginning to turn their backs are entirely different signals.”
• Park Sun-kyung (Korea University Professor) noted, “It’s not surprising that women’s approval ratings are falling—what’s more surprising is that they’re only falling now.” She listed three reasons.
• First, women’s issues have been deprioritized.
• Second, the Employment Equality Disclosure System, aimed at reducing the gender wage gap, has been scaled back.
• Third, the complete abolition of prosecutors’ supplementary investigative authority did not consider protections for female victims of violence.
• “We demanded a broad democracy that embraces the weak and minorities, a competent government that solves real-life problems, and parties that compete through policies rather than hate. Where is the response to these demands? The sharp decline in young women’s approval ratings is an expression of their frustration and dissatisfaction.”
• Related Link.

We Need a Red Team.

• This means the Ministry of Employment and Labor and the Ministry of Climate should not become a single team with the Blue House.
• Lee Jae-myung (President) is pushing through mega-projects while attempting to bypass the 52-hour workweek regulation and skip environmental impact assessments.
• Hong Jin-su (Kyunghyang Shinmun Social Editor) emphasized, “The Ministry of Employment and Labor and the Ministry of Climate must voluntarily act as a ‘red team’ with long-term success in mind and uphold the values of labor and the environment.”
• “Only then,” he added, “will there be no regrets later, saying, ‘We should have blocked it even by lying down.’”
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Slow News Supports Independent Researchers and Journalists.

• We provide solution journalism reporting grants to independent researchers and journalists under 30.
• We collaborate with Slow News to produce articles. This is a project structurally analyzing long-standing issues in Korean society and exploring solutions.
• Applicants under 40 are eligible.
• How to apply: Send a brief reporting plan by August 20. No specific format is required, but it must clearly outline the problem. Email to park@slownews.kr.
• The grant is 1 million KRW per project. We plan to support up to 10 projects by year’s end.
• All applicants will be individually notified of acceptance or rejection.