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Koh Hyun-kohn The author is the chief editorial writer at the JoongAng Ilbo. The most striking change since the launch of the Lee Jae Myung administration has been in asset markets. The benchmark Kospi, which began near 2,700, is now approaching 6,000. Apartment prices in Seoul have risen every week without interruption. As stock and housing prices climb, the wealth gap between those who own assets and those who do not has widened sharply. A new divide has emerged between sudden winners and those left behind. Asset polarization is deepening generational inequality and widening disparities between Seoul and regional areas. As wealth generates more wealth, intergenerational transfer is accelerating, making government pledges on youth employment and balanced regional development sound increasingly hollow. A staff member at a real estate brokerage office in Seocho District, southern Seoul, watches President Lee Jae Myung’s remarks on housing policy during his New Year press conference on Jan. 21. [YONHAP] A stock rally amid growth of barely 1 percent is clearly abnormal. Signs of overheating are evident. With incomes stagnant but markets rising, households are rushing into equities. Margin-backed investing has surpassed 31 trillion won ($21.5 billion) this month, doubling in a year. Rising leverage among both young and elderly investors poses significant risks. At a minimum, authorities should warn against borrowing to invest. The government is unlikely to be unaware of the risks. Yet it has chosen to highlight market gains as a policy achievement, apparently seeking to sustain positive sentiment through the June local elections. Apartment prices in Seoul have continued to rise since the launch of the Lee Jae Myung administration, widening regional disparities. This photo, taken in September 2025 from Lotte World Tower in Songpa District, shows apartment complexes along the Han River, with the Gangnam area, including Gangnam and Songpa districts, on the left. [NEWS1] The more serious concern lies in housing. Real estate remains a political black hole capable of overwhelming other issues and even destabilizing administrations. President Lee was unusually cautious about property early in his term. At his first press conference he avoided the issue, later saying only that demand controls and supply measures remained available. It is unclear why stronger tools covering supply, taxation and finance were not deployed during the early policy window. After acknowledging late last year that there appeared to be no effective response to rising prices in Seoul and the metropolitan area, the administration has since shifted to a tougher stance. Resuming heavier capital gains taxes on owners of multiple homes is a reasonable step. Some policy action is necessary. Owners will have to decide whether to pay higher taxes or sell. If firm presidential signaling increases listings and stabilizes prices, that would fall within the normal scope of housing policy. Related ArticleKospi breaks new ground, soaring past the 5,900 mark for first timeSeoul apartment prices see 19-year high in 2025BOK says 'excess liquidity' concerns stem from liquid asset-driven 'statistical illusion'BOK chief warns about won-dollar rate's impact on inflation: Not 'traditional' but still a 'crisis' However, the administration has gone further by framing multiple-home owners as the problem themselves. Casting them as villains may lift approval ratings in the short term, but dividing the public is a temporary tactic. Not all multiple-home owners are speculators, and many senior officials also own multiple properties. Policy should instead be grounded in a detailed analysis of how many speculative cases exist and how much additional supply tax changes would actually generate. The current situation recalls the Roh Moo-hyun administration. At the time, strong rhetoric targeted residents in Seoul’s Gangnam District, yet housing prices ultimately surged. By the end of Roh’s term, Seoul home prices had risen sharply, and the housing issue became a decisive political liability despite strong stock market performance. Roh later identified the core cause: liquidity. Rapid monetary expansion between 2005 and 2006, combined with large-scale land compensation and development spending, flooded markets with cash. When liquidity surges, asset inflation becomes difficult to control. A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Feb. 23. The Kospi hit an intraday high of 5,931.86 before closing at 5,846.09. [YONHAP] The same pattern is visible today. Last year the government implemented a supplementary budget totaling 32 trillion won, including 13 trillion won in relief payments. This year’s budget has expanded to 728 trillion won, up 8.1 percent. Additional supplementary spending is already being discussed. Meanwhile, broad money (M2) reached a record 4.52 quadrillion won in December last year, with growth exceeding 8 percent in recent months. While the Bank of Korea has downplayed liquidity risks, fiscal expansion continues to add to market funds. Prices in any market reflect supply and demand, but liquidity is just as important. Expanding money while attempting to suppress asset prices is not sustainable. There is no policy magic that can restrain housing while allowing equities to rise indefinitely. In a market economy, governments cannot override fundamental financial conditions. This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.