May 2022 – South Korean government launches a temporary capital‑gains‑tax exemption for owners of multiple homes to boost the market, renewing it annually until the Lee administration halts extensions [11][12][14].

1997 – The United States home‑sale exclusion for capital gains remains unchanged since 1997, creating a “stay‑put penalty” for many owners [1].

2025 – The U.S. records its slowest home‑sales year since 1995, which economists link to the unchanged $250,000/$500,000 exclusion caps [1].

Jan 22, 2026 – President Lee Jae Myung posts on X that extending the heavy capital‑gains‑tax exemption for multiple‑home owners “is not under consideration,” signaling a firm end to the policy [14].

Jan 24, 2026 – Lee announces that the higher capital‑gains tax for multi‑home owners will take effect on May 9, describing the move as a “concrete timeline” to curb soaring home prices [13].

Jan 25, 2026 – Lee reiterates that no extension of the exemption will occur and says a cabinet meeting will consider a possible grace period for transactions completed before the May 9 deadline [12].

Jan 26, 2026 – Lee officially decides not to renew the multi‑home tax exemption, calling the annual renewals “abnormal” and framing the decision as a step toward normalizing fiscal policy [11].

Jan 27, 2026 – At a cabinet meeting, Lee vows to curb excess capital inflows into housing, warns of a “Japan‑style lost three decades” if speculation persists, and reaffirms the May 9 expiry of the exemption [10].

Jan 28, 2026 – In the U.S., several congressional bills propose eliminating or raising the home‑sale exclusion; the “More Homes on the Market Act” seeks to double the exclusion to $500,000/$1 million, while the White House advances a ban on large institutional investors and a $200 billion Fannie Mae/Freddie Mac purchase plan [1].

Feb 1, 2026 – Lee reaffirms on X that the capital‑gains‑tax suspension ends on May 9, warns opponents not to “unfairly outsmart” the government, and notes “there are still 100 days left” before the deadline [9].

Feb 2, 2026 – Lee rebuts opposition criticism of his housing‑supply plan, posting “What about stopping support for real estate speculation that could ruin the country?” and highlighting a luxury unit’s urgent sale after the tax policy shift [7].

Feb 2, 2026 – A Realmeter poll shows Lee’s approval rise to 54.5%, attributing the boost to the upcoming capital‑gains‑tax hike and the announcement of 60,000 new Seoul housing units [8].

Feb 2, 2026 – Cheong Wa Dae announces that the multiple‑home tax exemption ends on May 9, 2026, with current rates of 6‑45 % plus 20‑point or 30‑point surcharges for two or three homes in speculative zones [6].

Feb 3, 2026 – Lee warns against real‑estate speculation, vows to end the exemption, and links soaring home prices to “distorted social and economic structures,” while noting Korea Composite Stock Index volatility around the policy debate [3].

Feb 3, 2026 – Finance Minister Koo Yun‑cheol briefs the cabinet that the exemption ends May 9 and that a grace period of up to three months for Gangnam/Yongsan and up to six months for newly designated speculative zones is under consideration [4].

Feb 3, 2026 – Lee pledges to curb speculation “by any means,” emphasizing that the tax change will raise rates for multiple‑home owners and calling the practice “utterly absurd” for speculators [5].

Feb 4, 2026 – Lee urges that “people suffering from a jump in housing prices should receive more consideration than owners of multiple homes,” posting daily on X to signal a crackdown on speculation ahead of the May 9 tax change [2].

Future (2026 onward) – The South Korean cabinet may adopt a three‑ to six‑month grace period for pre‑May 9 sales in designated zones, allowing final payment or registration within that window to mitigate the tax impact [2][4].

Future (2026 onward) – The U.S. “More Homes on the Market Act” aims to index the exclusion to inflation and double the limits, while the administration pursues a ban on large institutional investors buying single‑family homes and directs Fannie Mae and Freddie Mac to purchase $200 billion of mortgage‑backed securities to lower rates [1].