Credit: Public domain.
The real estate market has historically been a poisoned chalice for South Korea’s liberal presidents - but this time may be different. Even with the Local Elections 지방선거 approaching in June, President Lee Jae-myung 이재명 대통령 has stayed on the attack against owners of multiple homes.
On February 12, Lee suggested on his Twitter account that he could restrict mortgage loans to owners of more than one home, including by directing banks to stop refinancing mortgage loans for applicants who own more than one home. Restrictions on mortgages, if pursued, would be Lee’s latest attempt to push owners of multiple homes to unload their holdings, in addition to reviving the punitive capital gains tax.
And for once, the liberal president may have public opinion on his side. In a February 13 opinion poll by KBS News, 65% of respondents were in favor of reinstating the punitive capital gains tax for owners of multiple homes, and 57% were in favor of raising the property tax.
