Lee doubles down on housing policy in social media posts

President Lee Jae Myung speaks during a meeting with young entrepreneurs and startup founders at Cheong Wa Dae in Seoul, Friday. Yonhap

President Lee Jae Myung expressed his firm resolve to stabilize housing prices, drawing sharp criticism from the main opposition People Power Party (PPP), which accused him of targeting owners of multiple homes instead of offering effective policy solutions.

In a series of posts on X, formerly Twitter, Lee criticized the PPP and some media outlets for what he described as waging "groundless attacks" on the government's real estate policies.

Lee took aim Sunday at media coverage highlighting the potential side effects of tougher capital gains taxes on multiple-home owners. The reporting followed his recent statement that the government would not extend the current exemptions from higher capital gains taxes to people who own more than one residence.

"If principled reporting is too much to ask, I sincerely hope the media will at least refrain from defending 'destructive' speculation on the housing market or engaging in excessive and unfair attacks on the government," Lee wrote.

In a post the previous day, the president likened opposition party members to "kindergarteners just learning how to understand language," sharing a media report on the PPP's criticism of the government's housing policy.

"There are plenty of legal and political tools available to stabilize housing prices," Lee wrote. "The real reason why the most effective and forceful measures have not been used so far is not a lack of means, but because decisions were made based on political calculations. If the government truly trusts the public and frees itself from short-term political considerations, this is not an impossible task."

The latest controversy follows Lee's recent remarks that the government will not extend the deadline for capital gains tax increases. The temporary tax relief, introduced under the previous Yoon Suk Yeol administration to boost housing transactions, is set to expire on May 9.

The presidential office said ending the tax relief period does not amount to a new tax hike, but rather a return to normal taxation aimed at stabilizing the housing market and curbing speculative real estate investments. Officials hope this will encourage property owners to list homes for sale ahead of the change.

Apartment complexes in downtown Seoul are viewed from Namsan, Sunday. Yonhap

Critics warned that the move could backfire, as homeowners might hold onto their properties rather than sell, betting that taxes will fall later. Such a retreat by sellers could inadvertently push prices higher by limiting the supply of homes on the market — the very outcome the government is seeking to prevent. Lee addressed those concerns in a separate post on X, writing that additional measures would be taken to prevent such behavior.

Lee's recent flurry of social media posts on real estate policies reflects his strong confidence in his agenda. In a post on Friday, he said stabilizing housing prices would be easier — and more important — than achieving the KOSPI 5,000-point milestone, a major campaign pledge that was fulfilled in January.

He also wrote, "You will soon realize that this is the last opportunity," in an apparent message toward property owners who are holding back listings in anticipation of further price hikes.

However, the main opposition party remains skeptical of the government's policies, dismissing the president's recent remarks as "empty slogans."

PPP spokesperson Choi Bo-yoon said Sunday that the president's "aggressive rhetoric" toward multiple-home owners would only heighten market anxiety.

"Rather than calmly explaining policy, stirring public sentiment with provocative slogans is highly inappropriate for a president," she said. "Owning property is not a crime. The overheating of housing prices cannot be curbed by treating the public's assets as targets of regulation enforcement."