President Lee Looks to Increase Taxes on Owners of Multiple Homes to Address Housing Costs
I can understand taxing someone someone owning multiple homes if they are not renting out the properties and letting it sit vacant waiting for the price to rise. If the property is rented out then the owner is not contributing to the housing issue:
President Lee Jae Myung said Monday that “unfair privileges” granted to owners of multiple homes should be scrapped and that greater burdens should be imposed on them, reaffirming his commitment to rein in the overheated real estate market.
Lee signaled a tougher stance on such homeowners in his latest social media message on housing, saying the negative effects of holding multiple homes outweigh the positives.
“The government should reclaim unfair privileges in taxation, finance and regulation granted to owners of multiple homes and make them bear a certain level of responsibility and burden in relation to social problems, as this is consistent with fairness and common sense,” Lee wrote on social media platform X.
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