President Lee Jae Myung and the leader of the main opposition People Power Party (PPP), Jang Dong-hyeok, engaged in a verbal altercation regarding the government's strategy for overseeing individuals who own multiple homes, intensifying a verbal dispute during the Lunar New Year holiday.
In a recent article on X, Lee expressed the opinion that the management of housing rentals should primarily fall under the responsibility of the public sector, underscoring the significant national importance and public character of this matter.
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Lee contended that it is justifiable and appropriate to place a certain degree of accountability and obligation on individuals who own multiple properties, given the societal issues that have emerged due to housing speculation.
“Some argue that multi-homeowners supply rental properties and that if they sell, rental supply will shrink, pushing up monthly rents,” Lee says.
“They insist that we should encourage and protect multi-homeowners and even provide tax and financial benefits”.
In recent days, the president has taken to social media to discuss the importance of limiting multi-home ownership as a solution to combat real estate speculation, a matter he views as a significant public concern.
“I wanted to quietly ask him when he visits the presidential office,” Lee said. “Does the People Power Party believe multi-homeowners should not be regulated and instead be protected with existing financial and tax privileges?”
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Lee also distributed a news article detailing Jang's possession of several residences and inquired briefly of the PPP leader.
Jang expressed his opinion on Facebook in a subtle manner, where he subtly criticized the president while sharing details of a recent visit to his elderly mother's residence in the rural area of Boryeong, South Chungcheong Province.
“She is deeply worried because of the president’s post on X,” Jang said, adding that his mother lamented the possibility of losing her home and questioned why her son, after building a political career in Seoul, had to return to his hometown “only to be attacked by the president.”
The verbal altercation between Lee and Jang has evolved into a discussion involving representatives from both the ruling Democratic Party of Korea (DPK) and the primary opposition party.
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In a written communication, Kim Hyun-jung, the designated representative of the ruling Democratic Party of Korea, called on the People Power Party to clearly define its position.
“If the People Power Party clearly states that it supports regulating multi-homeowners, the ruling party will immediately apologize,” he says.
PPP's senior representative, Park Sung-hoon, has alleged that Lee is vilifying those who own multiple homes and portraying the opposing side as supporters of entrenched interests. He contended that the party is unwavering in its determination to eliminate real estate speculation.
Park also raised doubts about Lee's intentions of returning to his residence in Bundang, Gyeonggi Province, as he currently does not reside there despite owning the property.
Kim argued that Lee had previously explained on social media that he possesses a single residence for personal use and intends to reside there following his term in office, prompting the PPP to address Jang’s status as the owner of six properties.
“The government’s goal is clear,” Kim said. “It is not to treat the market as an enemy, but to correct structural distortions in the housing market”.