President Lee Jae-myung wrote on X (formerly Twitter) on the 3rd, "We will "by any means necessary" put an end to nation-wrecking real estate speculation." Lee has posted 10 times on social media about real estate policy since last month.
In a post on X the same day, Lee said, "To those who expect failure again and agitate because (real estate policy) failed before, here is a notice." He added, "Those who think this is a bluff, those who feel (?) sorry for the tears of multiple-home owners and defend real estate speculation, I ask you to soberly face the changed reality with a clear mind."
He continued, "If we do not weigh immediate gains and losses, there are plenty of policy tools we can use." He also said, "This is not a threat or a bluff; I am recommending it because it is necessary and useful for everyone," adding, "This is the last chance to get out."
Lee said, "I ask those who feel sorry for the tears of the hundreds of thousands of multiple-home owners who seek unearned income through real estate speculation," and added, "Can you not see the blood and tears of the millions of young people who give up marriage and childbirth because of the high housing costs caused by these people?" He wrote, "They say money is the devil—surely you have not let the devil rob you of even the minimum of conscience."
On the 23rd of last month, Lee said on X that he would not extend the temporary suspension of the heavy capital gains tax on multiple-home owners, which runs until May 9. In a post that day, Lee said, "If we must inevitably adjust the tax code, wouldn't it be fair to treat nonresidential and residential properties differently?" He went on to post statements signaling plans to push policies to regulate real estate speculation, including restoring the heavy capital gains tax on multiple-home owners.