President Lee Jae Myung said that, in a capitalist market economy, legally owning multiple homes should not be labeled a "social evil," and that responsibility lies with politicians who have structured policies that make such ownership profitable.

Lee posted an article on social media on Wednesday morning that quoted the main opposition People Power Party leader, Jang Dong-hyeok, accusing the president of portraying landlords across multiple portfolios as a social evil.

Lee wrote that if anyone should be denounced as a social evil, the criticism should be directed not at individuals who take advantage of flawed policies, but at politicians who create and implement them.

Lee argued that if politicians with the authority to design and enforce laws have failed to discourage what he described as the “undesirable” ownership of multiple homes, and instead introduced incentives that encouraged speculation, that is the real issue.

The president added that his government would use its authority over taxation, regulation and financial policy to reclaim benefits granted to speculative real estate investors and impose appropriate regulations.