President Lee Jae Myung said that scaling back tax benefits for registered landlords could prompt them to sell their holdings, helping stabilize the housing market.

Lee made the statement in a social media post on Tuesday morning, sharing an article suggesting that the sale of homes by landlords of multi-home portfolios would have a limited impact on housing prices.

Citing the article, Lee said that apartments account for 16 percent, or 107-thousand-732 units, of the rentals owned by registered landlords, with about 42-thousand-500 units located in Seoul, stressing that the figure is far from negligible.

Lee said it would be difficult to say that the listing of 42-thousand-500 apartments by multi-home rental operators would have little impact on price stability.

On Monday, Lee floated the idea of phasing out tax breaks for registered landlords, calling it unfair to investors who own and rent out multiple homes for profit to continue receiving such generous benefits while other owners of multiple homes are set to face heavier capital gains taxes when the temporary surcharge suspension expires in May.