President Lee Jae Myung says that while a home may be an investment vehicle, it is first and foremost a place to live, defending his position that multi-homeowners should bear their share of the burden for social issues that arise from real estate speculation.

Lee made the comment on social media Monday, arguing that owners of multiple homes hold unfair privileges in terms of taxation and regulation and that the effects of multi-homeownership are more negative than positive.

The president said the speculative purchasing of multiple homes cannot be considered illegal or seriously immoral but should not be praised or recommended either, blaming the practice for a range of social ills by pushing up home purchase and rental prices and discouraging people from getting married and having children.

He said the public sector should handle rental housing in consideration of the national importance and public nature of the matter.

Lee also expressed regret that the main opposition People Power Party continues to criticize his administration’s real estate policy, citing unconvincing reasons, and asked if the opposition believed multi-homeowners should be protected and allowed to retain their current level of privilege.