President Lee Jae-myung on the 31st signaled strong resolve to stabilize the housing market and normalize real estate policy. Lee said, "Does it seem impossible to normalize the ruinous real estate situation?" and emphasized, "If we trust the people and accept criticism without calculating votes, it will work." When the opposition took issue with the remarks, Lee posted a lengthy rebuttal late at night.
That morning, Lee shared an article on his X (formerly Twitter) account titled "Did homeowners wave the white flag? Seoul apartment prices slam the brakes." The article said Seoul apartment prices fell slightly after the government hinted it was considering an overhaul of real estate taxes. Lee added, "Normalization of the abnormal—do you think real estate speculation will succeed?"
Lee brought up the case of clearing illegal facilities in valleys and streams that he pushed when he was governor of Gyeonggi. Citing his experience of tidying up valleys by removing illegal structures at the time, he said, "We normalized a stock market rife with illegality and irregularities and opened the 5,000-point era. Normalizing the real estate market is easier than that and even more important."
Lee also said, "Seize opportunities when you have them," adding, "You will soon realize this was the last chance." The remarks were read as a warning to some speculative multiple-home owners who are not listing properties or are expecting prices to rise.
The People Power Party immediately pushed back. Chief Spokesperson Park Seong-hun issued a commentary saying, "If normalization is that easy, why hasn't it been done yet?" and, "People are simply dumbfounded by the president's grasp of reality."
In response, at about 11:49 p.m. the same day, Lee reposted an article carrying Park's criticism and posted a rebuttal. Lee wrote, "For those who have not yet fully acquired language comprehension, I will explain in detail the precise meaning of 'easy,'" and added, "Cleaning up the valleys or achieving 5,000 on the stock index looked impossible and so hard that people mocked the idea, but we accomplished it with an all-out effort. Is stabilizing home prices really harder than that?"
While making it clear that "we will make stabilizing home prices succeed by any means necessary," Lee urged multiple-home owners to consider selling by using the last chance of a capital gains tax surcharge exemption until May 9. Citing recent cases in which so-called "double inverse leveraged ETF" investors, who bet on a drop in the stock index amid a sharp KOSPI rally, suffered losses, he added that pushing back against government policy could lead to losses.
Lee warned, "There are as many legally and politically feasible tools as needed," and said, "If a policy is rational and legitimate, and it has public support and a legal basis, resistance rooted in private interests cannot succeed and will ultimately incur losses." He reiterated, "The government has both the will and the tools, so do not take losses by fighting the policy; instead, enjoy the tax cut benefits and resolve multiple-home holdings."