The article by Ryu Ik-geun discusses the prevailing belief in South Korea that increasing housing supply will lead to greater affordability and stabilize property prices. It highlights the government's recent announcement of a plan to construct 60,000 homes in the greater Seoul area. While this initiative has garnered support from some media outlets, many critics argue that such a supply increase is insufficient and rooted in a supply-centric view of the housing market. Ryu underscores that the actual market dynamics are far more complex and driven by existing multi-home ownership.

Ryu points out alarming statistics regarding the concentration of property ownership. In recent years, the number of homes in Seoul has increased, yet a significant portion of these properties is controlled by individuals who own multiple homes, thus perpetuating the housing crisis. As of 2024, approximately 12% of households in Seoul are multi-home owners, controlling nearly 45% of private homes. This reality suggests that simply building more homes may not effectively address the affordability crisis if multi-home owners continue to dominate the market. Ryu argues that without tackling the issue of multiple home ownership, any new supply would merely add to an existing problem rather than solve it.

The article concludes with a call for a more nuanced approach to housing policy, emphasizing the need to address the issues faced by multi-home owners. The recent decision to end the tax exemption on capital gains for multi-home sellers in May is seen as a positive step towards leveling the playing field. By focusing on the distribution of home ownership rather than solely increasing supply, policy makers can more effectively stabilize housing prices and ensure that housing remains accessible for more citizens.