The televised public hearing hosted Thursday by President Lee Jae Myung on housing policy offered a rare chance for citizens and policymakers to exchange suggestions on how to address and navigate the soaring housing market.

The discussion went on for three hours, longer than the initially planned 100 minutes. Still, three hours was insufficient for the critical issue of housing, which is considered both a home and an asset for Koreans. The president stressed above all tougher property holding taxes, as he pledged to "normalize the wrongly formed housing prices based on asymmetric supply and demand" despite its potential "political cost."

It was an open venue for exchange that started on the belief that there is a need to strengthen the country's property holding tax regime.

"To bring Korea's property holding taxes in line with those of advanced economies, they would have to be raised at least threefold," Lee said. With such a hefty rise likely to trigger a "public uprising," the president said the government would have to compromise.

The majority of the participants agreed to the strengthening of the property holding tax, with some suggesting it should be set for higher-end housing owners and multiple-home owners. The soon-to-be announced real estate tax revisions are likely to be at varying levels, as the administration hinted at more specific support for first-time home buyers, newlyweds and low-income households and youth.

Interestingly, Lee has repeatedly asked how much higher-priced housing costs. According to KB Financial Group's real estate figures, the average price of an apartment stood at 1.58 billion won ($1.08 million) in June.

As the public watched in hopes of seeing the government come up with a policy to alleviate soaring housing prices, the emphasis remained on tax. Tax remedy has been tried and tested by previous administrations. The liberal Moon Jae-in administration implemented stronger property holding taxes for multiple-home owners, which resulted in a housing market skewed toward "one smart home" prices ranging in several billions of won as Koreans sought to acquire one property that would serve as a home and an asset.

What slowly emerged through the policy forum, with another one planned next week, is that the Lee administration will employ targeted and tougher property holding taxes for high-end priced housing, either in total sum or by the number of housing units owned.

The revision in capital gains tax, which could in theory accompany the possible revision of property holding tax, received less focus at the forum. Policymakers should ensure that broad public opinion is considered on that matter, since revising the capital gains tax downward could lead to multiple-home owners selling their homes to lessen their property holding tax.

Despite the forum offering a glimpse into the insights and thoughts of both experts and the general public, much of the discussion focused on tax remedies and possible loan restrictions for homeowners. There is, however, a lack of sufficient discussion on recommendations regarding the reconstruction of existing apartments.

The forum's attempt to gather public opinion on the demand for affordable housing also shed light on the lack of new housing sites. The president even mentioned needing to "get in a helicopter" to look for candidate sites. He did ask that the 60-month timeline for the third-phase new town projects involving areas of Namyangju and Hanam in Gyeonggi Province be shortened. He also remained open to the idea of building public housing for the middle class.

If the targeted tax scheme revisions are immediately needed to dampen the increasing housing prices, the administration must ensure that its tax policy revisions and supply plans for new housing remain consistent and sustainable. Too often, changes in real estate regulations and taxes have left even the realtors confused.

The Lee administration, on numerous occasions, has reiterated its commitment to provide a more normalized housing market, and it should do so through policies that earn public confidence. For the long term, the government must be more creative and imaginative in its intention to ensure sufficient housing supply. By building more detailed and linked transportation networks, providing public infrastructure such as libraries, senior centers and parks, any future housing plan should provide a home worth purchasing and holding onto for the long haul.