On housing, legislation and follow-up matter more than harsh words

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On housing, legislation and follow-up matter more than harsh words

Published: 04 Feb. 2026, 00:00

Audio report: written by reporters, read by AI

Apartment complexes are seen in Seongdong and Gwangjin districts of Seoul on Oct. 15, 2025, when the Lee Jae Myung administration announced its third housing policy package. [YONHAP]

President Lee Jae Myung has been issuing a stream of hard-line messages aimed at owners of multiple homes. On Tuesday, he posted a warning on social media that selling sooner would be better than holding on, and that selling early would be better than selling late. In another post, he criticized those who sympathize with such homeowners by saying, “They say money is the devil. Surely the devil has not taken even the minimum conscience.” Directing such language not only at homeowners but also at media outlets that point out problems with excessive regulation is excessive.

As former lawmaker Yoon Hee-sook has noted, owners of multiple homes are not a single, uniform group. Democratic Party lawmaker Seo Young-kyo inherited a home in a regulated area. Forcing the sale of such properties can hurt tenants who must vacate. Owners of multiple homes also supply the rental market and form demand in the presale market. Demonizing them risks shrinking presales and ultimately undermining housing supply. Yoon’s criticism that “the president’s declaration of a witch hunt against owners of multiple homes is highly dangerous” deserves careful consideration.

On the same day, the government said it is considering ending the temporary suspension of heavier capital gains taxes on owners of multiple homes while allowing transactions in regulated areas such as Seoul that are contracted by May 9 to have an additional three to six months to complete payment and registration. The fact that authorities are now considering exceptions if tenants cannot move out within six months suggests a welcome shift toward flexibility. Policy responses must fully reflect real-world transaction practices and market conditions. Regulators should proceed with care so that restrictions on owners of multiple homes do not lock up listings and leave genuine end-users bearing the brunt.

While the president’s determination to stabilize housing prices is clear, legislation needed to support supply-side policies remains largely stalled. Of the 23 bills required to implement the supply plan from Sept. 7, 2025, which aims to provide 270,000 homes annually in the Seoul metropolitan area starting this year, only four have passed the National Assembly. The Jan. 29 plan announced last week to build 60,000 homes in the capital region also faces uncertainty, as disagreements persist between the central government and local authorities over specific sites in Yongsan, Taereung and Gwacheon. Without persuading local governments and residents and demonstrating that supply measures are actually moving forward, it will be difficult to restore market confidence.

No one disputes the need to rein in soaring housing prices. But few would support policies that lump all owners of multiple homes together as speculators or dismiss reasonable concerns about the side effects of inconsistent regulation. Rather than escalating confrontational exchanges on social media, the administration would do better to focus on passing delayed legislation and delivering credible follow-up measures that address both demand and supply in a balanced way. Only then can the government hope to secure lasting stability in the housing market.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.