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Lee signals greater burden on owners of multiple homes to curb real estate market

Published: 16 Feb. 2026, 17:48

Apartment buildings in Seoul can be seen in this undated file photo. [YONHAP]

President Lee Jae Myung said on Monday that “unfair privileges” granted to owners of multiple homes should be scrapped and that greater burdens should be imposed on them, reaffirming his commitment to rein in the overheated real estate market.

Lee signaled a tougher stance on such homeowners in his latest social media post on housing, stating the negative effects of holding multiple homes outweigh the positives.

“The government should reclaim unfair privileges in taxation, finances and regulations granted to owners of multiple homes and make them bear a certain level of responsibility and burden in relation to social problems, as this is consistent with fairness and common sense,” Lee wrote on the social media platform X.

Lee said purchasing multiple homes for investment should not be encouraged, as it could lead to housing shortages and push up home prices and rents, which in turn could contribute to broader social problems, such as declining marriage and birthrates.

“While housing can be an investment asset, it is fundamentally a means of residence,” he added.

He also rejected claims that sales by such homeowners would reduce the rental supply and argued that fewer owners of multiple homes would also mean fewer households without homes, ultimately lowering rental demand.

“It would be desirable for the public sector to take greater responsibility for rental housing, considering the national importance and public nature of housing issues,” he wrote.

Lee has repeatedly urged owners of multiple homes to sell their properties ahead of the planned expiration of the heavy capital gains tax exemptions, which are set to expire in May.

Yonhap