President Lee Jae Myung has turned to social media to denounce people who own multiple homes, calling them the main culprits behind soaring apartment prices and deepening supply shortages in Seoul and nearby areas. On Jan. 23, Lee declared a war on multi-home owners by posting a message on X, formerly Twitter, saying that the government will end the temporary suspension of heavy capital gains tax on them. As a result, people owning more than one house will face up to an 82.5 percent capital gains tax on houses sold after May 9. After multi-home owners, Lee went after those who hold a single house but do not reside in it, threatening to impose heavier property holding taxes. He also targeted registered landlords who rent homes below market rates in exchange for tax benefits, instructing his Cabinet to curb loan extensions for multi-home owners. The series of posts urging homeowners to sell caught many off guard, as Lee, a former governor of Gyeonggi Province, had previously said that tax policy should be used only as a last resort. During last year’s presidential campaign, he pledged