Democratic Party leader Lee Jae-myung emphasized the need to deploy every available policy tool against non-resident single-homeowners, aiming to create conditions that favor selling over holding properties.
Push for Strict Measures on First-Time Speculators
On February 26, Lee declared that even self-funded first-time buyers who do not reside in their single properties must face restrictions. He argued that concentrating policy efforts on preventing speculation would make retention unprofitable for such owners, regardless of their loan status or purchase timing.
Lee highlighted this stance in a post on X, stating that top-tier housing policies should align with the aspirations of the majority in advanced economies by imposing appropriate burdens and regulations to curb gradual property concentration.
Proposals extend to high-value areas like Seoul’s Gangnam district, where even single-home purchases trigger enhanced scrutiny.
Detailed Policy Framework
Various regulations and burdens would prioritize genuine residential use for single homes as the baseline. Factors such as occupancy status, property count, value levels, prior regulatory history, and regional specifics would determine weighted adjustments. Normal housing receives strong protection, while speculative holding faces thorough blockades.
These measures span capital gains taxes, acquisition taxes, loan restrictions, and location-based specials to ensure precise targeting.
Post-Election Strategy
Even after the May 9 deferral period ends, Lee warned against allowing holdout multi-homeowners to gain an edge over those who sell. He stated, “We cannot permit enduring owners to benefit more than those who have divested.”
Failure to enact robust reforms by May 9 would exacerbate frustrations, with sellers resenting the government, holdouts mocking the system, and the market risking unchecked bubbles.
“Such outcomes would paralyze effective governance,” Lee added.
Path Forward Without Compromise
Lee affirmed that leaders can counter nation-damaging speculation by harnessing global standards, public opinion, and regulatory authority—without alienating core supporters or yielding to backlash.
Through unified strong public sentiment, international benchmarks, and stringent rules, post-election pressure would compel multi-homeowners to view divestment under heavy capital gains taxes as the smarter choice, rendering prolonged holding a clear loss.
