Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Lee, PPP leader engage in clash over multi-homeowner policy
President Lee Jae Myung speaks during a meeting of senior presidential aides at Cheong Wa Dae in Seoul, Thursday. Yonhap
By Lee Min-hyung
President Lee Jae Myung and main opposition People Power Party (PPP) leader Jang Dong-hyeok clashed Monday over the government’s approach to regulating multi-homeowners, escalating a war of words during the Lunar New Year holiday.
In a post on X, Lee said housing rentals should be handled mostly by the public sector, citing the “national importance and public nature” of the issue.
“Some argue that multi-homeowners supply rental properties and that if they sell, rental supply will shrink, pushing up monthly rents,” Lee said.
“They insist that we should encourage and protect multi-homeowners and even provide tax and financial benefits.”
However, Lee argued it is “fair and reasonable” to impose a certain level of responsibility and burden on multi-homeowners in the face of social problems arising from housing speculation.
The president has in recent days repeatedly posted messages on social media, stressing the need to curb multi-home ownership to address real estate speculation, which he has described as a deeply sensitive public issue.
Lee also shared a media report on Jang’s ownership of multiple homes and posed a short question to the PPP leader.
“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?”
People Power Party (PPP) leader Jang Dong-hyeok poses in front of the rural home of his 95-year-old mother in Boryeong, South Chungcheong Province, in this 2022 photo. Captured from Jang's Facebook
Jang responded on Facebook, indirectly criticizing the president by recounting a visit to his 95-year-old mother’s rural home in 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 war of words by Lee and Jang has escalated into a debate from spokespeople from the ruling Democratic Party of Korea (DPK) and the main opposition party.
In a written briefing, Kim Hyun-jung, floor spokesperson of the ruling DPK, challenged the PPP to clarify its stance.
“If the People Power Party clearly states that it supports regulating multi-homeowners, the ruling party will immediately apologize,” he said.
PPP senior spokesperson Park Sung-hoon accused Lee of “demonizing” multi-homeowners and framing the opposition as defenders of vested interests. He argued that the party remains firmly committed to eradicating real estate speculation.
Park also questioned whether Lee, who owns a single home in Bundang, Gyeonggi Province, but does not currently reside there, intends to return to the apartment after leaving office.
Kim countered that Lee had already clarified on social media that he owns one home for residential purposes and plans to return there after his term, urging the PPP to clarify Jang’s position as the owner of six homes.
“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.”