Real estate clash deepens ahead of local vote

Feb 23, 2026, 07:54 am

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President Lee Jae-myung and People Power Party leader Jang Dong-hyuk escalate their war of words over real estate policy ahead of the June 3 local elections. /Yonhap

President Lee Jae-myung and People Power Party (PPP) leader Jang Dong-hyuk intensified their war of words over real estate policy on Feb. 22, as political tensions rise ahead of the June 3 local elections.

Lee has repeatedly underscored his administration’s determination to stabilize the housing market, while criticizing the PPP and segments of the media for opposing government measures.

According to political sources, Lee wrote on X the previous evening, “The claim that pressuring multi-homeowners and rental businesses will worsen housing insecurity due to shortages in jeonse and monthly rentals is miracle logic that shields the very multi-homeowners and rental operators who are major causes of rising home prices and rental shortages.”

Lee’s remarks accompanied a news article citing PPP senior spokesperson Park Sung-hoon, who argued that “if loan extensions for multi-homeowners are excessively restricted, many of them may raise rents, increasing the burden on tenants.”

Jang entered the fray the same day, dismissing Lee’s characterization as “miracle logic” and countering that the president’s criticism amounted to “miracle-level stubbornness.”

Since the beginning of the year, when Lee began actively posting real estate-related messages on social media, Jang has responded forcefully, keeping up his offensive against the administration’s housing policies.

Earlier, Jang referred to Lee’s Bundang apartment as a “5 billion won lottery” and accused the president of “demonizing multi-homeowners.”

Lee also took aim at parts of the media, saying it was “even harder to understand media outlets that defend multi-homeowners.”

“Politics is fundamentally about competing interests, so it is somewhat understandable that some politicians make such claims to defend the interests of their supporters or affiliated groups,” Lee wrote. “However, it is difficult to accept that some media outlets, which are expected to report fairly and objectively, step forward to advance such claims and pour cold water on the government’s desperate efforts to stabilize the housing market.”

Observers say Lee’s continued confrontation not only with the opposition but also with certain media outlets reflects lessons drawn from the previous administration’s struggles over real estate policy.

#Lee Jae-myung #Jang Dong-hyuk #People Power Party #Democratic Party of Korea #real estate policy