Feb 13 • 00:39 UTC 🇰🇷 Korea Hankyoreh (KR)

President Yoon: Success of Multiple Homeowners Means the Failure of This Government's Real Estate Policy

President Yoon Jae-myung stated that the success of multiple homeowners in taking advantage of favorable capital gains tax exemptions signifies a failure of his government's real estate policies.

President Yoon Jae-myung expressed concern over the behavior of multiple homeowners who refuse to sell their properties despite favorable tax conditions, asserting that such a success indicates a failure of the government's efforts to control speculative real estate activities. In a social media post, he highlighted that while no government can consistently defeat market forces, the market should not outpace government initiatives either. He pointed out the concentration of rental properties owned by landlords in affluent areas of Seoul, which he sees as indicative of systemic issues in the housing market.

Further, President Yoon emphasized the necessity of addressing the national challenge of stabilizing housing prices, arguing that offering financial benefits to those acquiring multiple homes for investment or speculation is problematic. He questioned the fairness of extending loan benefits to those homeowners who have already been granted tax breaks while failing to diminish their multiple holdings, suggesting that policies should prioritize fairness and equal treatment in financial matters. His continued focus on the housing crisis underlines a broader dialogue on economic recovery and social equity in South Korea.

In recent meetings, including a cabinet meeting, President Yoon reiterated his concerns about large-scale property holdings by a few investors, indicating the government's ongoing struggle to ensure housing is accessible and affordable for the average citizen. The explicit call for multiple homeowners to contribute to market supply reflects the administration's intent to generate movement in a stagnant real estate market, making it clear that current government strategies must adapt to effectively curb excessive speculation and foster a healthier housing environment.

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