President Lee Jae Myung said that it is problematic to grant financial benefits to those acquiring multiple homes as investments, rather than for occupation, even with the aim of stabilizing housing prices.
In a social media post uploaded early Friday, Lee asked how to handle multi-home owners’ housing loans as they reach maturity.
He noted that regulations on loans for owners of multiple homes are already very strict and questioned the fairness of offering rollovers to those who had not reduced their holdings, despite having been given years of opportunities, including tax breaks on capital gains.
Lee said that although the situation may be difficult, finance, like all areas of administration, must be just and fair, adding that those who follow the rules and respect social order should not suffer disadvantages compared to those who seek improper gains by breaking them.
The president said South Korea is moving toward restoring common sense and order.
Lee added that a normal society ensures that law-abiding citizens are not penalized and violators do not profit, underscoring that fairness is a key driver of sustainable growth in a democracy.