President Lee Jae-myung on the 16th reignited the real estate policy fight by publicly asking the People Power Party's position as he took aim at calls to ease curbs on owners of multiple homes.
The president shared an article on social media that covered the ruling and opposition parties' war of words and wrote, "I wanted to quietly ask People Power Party leader Jang Dong-hyeok at the Blue House, but I will take this opportunity to ask," adding, "Does the People Power Party believe owners of multiple homes should be protected and that financial and tax preferences should be maintained?"
The shared article said that after the People Power Party criticized the president by saying, "Sell the Bundang apartment that is difficult to occupy as a primary residence and invest in stocks," the Democratic Party of Korea pushed back by pointing to leader Jang's ownership of multiple homes.
The president argued, "A house can be an investment vehicle, but it is fundamentally a means of housing," and "The practice of buying up homes one will not live in can lead to social problems such as a shortage of housing dwellings, rising home prices and jeonse and monthly rents, avoidance of marriage and childbirth, and weakened industrial competitiveness."
He continued, "Because the negative effects outweigh the positive, unjust preferences granted to owners of multiple homes must be withdrawn," and emphasized, "Imposing responsibilities and burdens commensurate with the social expense created by owning multiple homes aligns with fairness and common sense."
Regarding the counterargument that reducing multiple-home ownership could cut rental supply and push up jeonse and monthly rents, he countered, "If multiple-home ownership declines, demand for rentals among those without homes will also fall, so it is hard to see this through simple logic."
He also said, "Considering the national public interest of housing rentals, it is desirable for the public sector to take charge to the extent possible." Attention is on whether the president's remarks, which continued to deliver real estate messages even during the Lunar New Year holiday, will expand into discussions on overhauling taxes, finance, and regulations.