President Lee: "If You Don’t Want to Sell Your Extra Homes, Then Keep Them... The Government Decides Whether You Profit or Lose"

[The Financial News, Singapore = Reporter Choi Jong-geun]President Lee Jae-myung stated on the 1st, "Buying and selling homes is a matter of individual freedom, but whether that leads to profit or loss is decided by the government."
Beginning a four-day trip to Singapore and the Philippines on this day, President Lee wrote on X (formerly Twitter) after arriving in Singapore, "I would like to say a few words about the debate over housing, especially multiple-home ownership," and then set out his views.
President Lee said, "There is no need to pressure politicians to sell or not to buy just because they own multiple homes or do not live in them," adding, "There is no need to invoke some moral duty by saying, 'You are a high-ranking public official, so you should sell first.' In a capitalist society, people buy up homes because it makes money; if it did not, no one would buy houses no matter how much you pray or perform rituals for them to do so."
He continued, "People accumulate homes they will never live in because it is profitable. The problem does not lie with those who buy or hold on to houses, but with the fact that the government has designed taxes, finance, and regulations so that buying becomes profitable," stressing, "In the end, the real issue is not the speculators themselves, but the politicians and the government that created a system making speculation possible."

President Lee wrote, "If the state had operated its tax, financial, and regulatory systems in such a way that real estate speculation was impossible; if owning many homes, holding properties you do not live in, or residing in ultra-high-priced housing did not generate economic gains but instead imposed burdens commensurate with the side effects, then real estate speculation could not occur." He went on, "This government’s effort to induce the sale of multiple homes or non-residential investment properties is not about demanding a moral obligation. It is about giving those who have so far profited from government failure and neglect a chance to avoid damage, rather than striking them with an unexpected blow."
He added, "This is also the way to reduce social costs. Unlike in the past, from now on we will rigorously design taxes, finance, and regulations so that making the same choices as before will result in losses," and continued, "And regardless of any unjust resistance or slander, we will implement this without wavering. The aim is to offer a new opportunity for rational choice. Singapore is a country with a small territory and per capita income close to $100,000, yet its people do not suffer from real estate speculation, nor is national development hindered by it."
President Lee said, "This shows that, if the government has the will, it can fully curb speculation. Let me repeat: buying and selling homes is an individual freedom, but it is the government that decides whether that leads to profit or to loss," emphasizing, "Housing speculation robs young people of hope and ruins the country."
He also declared, "I believe the sovereign people have entrusted me with the duty and authority to correct this nation-destroying speculation. As a loyal public servant of the sovereign people, I will, in obedience to their mandate, decisively resolve this destructive speculation," adding, "If you do not want to sell, then simply keep your properties. This government’s success, and the path to a normal society, lies in ensuring that choices which defy or distrust government policy can never be profitable."
cjk@fnnews.com Choi Jong-geun Reporter