President Lee Jae Myung pushed back Saturday against criticism that tighter regulations on multiple homeowners would reduce rental supply and worsen housing conditions for ordinary citizens.

In a social media post, Lee shared a news article quoting the main opposition People Power Party's claim that restrictions on extending loans to multiple homeowners amounted to a "financial dictatorship."

The article cited the opposition party as arguing that stricter loan limits on rental business operators could lead to higher rents or reduced rental supply, fueling instability in the housing market.

Lee countered that while rental supply might decline if multiple homeowners sell properties, rental demand would also fall as more people become homeowners.

He said it was illogical to focus solely on reduced supply without considering the simultaneous drop in demand, adding that increased housing listings would help stabilize home prices and rents.

Lee also criticized some media outlets for amplifying what he called unfounded claims and undermining the government's efforts to stabilize the real estate market.