1997 – The U.S. capital‑gains home‑sale exclusion remains unchanged since its enactment, creating a “stay‑put penalty” that later analysts link to low inventory levels[1].

May 2022 – South Korea introduces a temporary capital‑gains tax exemption for owners of multiple homes to stimulate the market; the relief is renewed annually until the Lee administration decides to end it[12][11].

2025 – The United States records its slowest home‑sales year since 1995, a downturn economists attribute in part to the unchanged $250k/$500k exclusion caps[1].

Jan 2026 – Lawmakers discuss at the National Association of Realtors policy forum a suite of bills to eliminate or raise the home‑sale exclusion, signaling growing bipartisan momentum for reform[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,” closing the door on further relief[14].

Jan 24 2026 – During a parliamentary hearing, Budget Minister nominee Lee Hye‑hoon denies fraudulent housing‑application claims, while President Lee announces that the increased capital‑gains tax for multi‑home owners will take effect on May 9[13].

Jan 25 2026 – Lee reiterates that the exemption will expire on May 9 as set in February 2025, calling it an “unfair benefit from an abnormality” that must be removed[12].

Jan 26 2026 – Lee officially ends the multi‑home tax exemption, noting its origin in May 2022 and emphasizing that “no new tax hike” is planned, though a one‑ or two‑year extension remains possible[11].

Jan 27 2026 – Lee vows to curb excess capital inflows into housing, warns that unchecked bubbles could repeat Japan’s “lost 30 years,” and reaffirms the May 9 deadline for the exemption’s termination[10].

Jan 28 2026 – NAR chief advocacy officer Shannon McGahn tells Realtor.com that “roughly a third of all homes that could be on the market are subject to the capital gains tax,” underscoring the tax’s lock‑in effect on inventory[1].

Feb 1 2026 – Lee reaffirms the May 9 end of the tax pause, declares there are “still 100 days left,” and warns opponents not to “unfairly outsmart” the government while also proposing a sugar‑levy discussion[9].

Feb 2 2026 – Cheong Wa Dae announces the exemption’s May 9 expiry, reiterates current rates of 6‑45 % plus 20‑point or 30‑point surcharges for multiple homes, and says any further tax revision is a “last resort”[8].

Feb 3 2026 – President Lee posts that he will stop real‑estate speculation “by any means,” noting the upcoming May exemption lapse and citing a survey that shows real‑estate investment falling to second place behind stocks[6].

Feb 3 2026 – Finance Minister Koo Yun‑cheol confirms the exemption ends May 9, proposes a grace period of up to three months for Seoul’s Gangnam/Yongsan districts and six months for new speculative zones, and urges owners to act now[7].

Feb 4 2026 – Lee stresses that people hit by soaring prices “deserve greater attention than multiple homeowners who unfairly expect the exemption to be extended,” and his cabinet weighs a three‑ to six‑month grace period for pre‑May transactions that could push effective tax rates toward 75 %[5].

Feb 5 2026 – Lee warns multi‑home owners that the government will end tax breaks to curb the overheated Seoul market, posting on X that “Moving up to a higher‑value property? Let me be clear, it will not be in your interest to do so unless it is for residential use”[4].

Feb 5 2026 – Finance Minister Koo announces supplementary measures to ease the tax change will be unveiled the following week, detailing grace periods (up to three months in Gangnam/Yongsan, up to six months in new zones) and pledging protections for renters and landlords[3].

Feb 16 2026 – Lee calls for the removal of tax and regulatory perks for multiple‑home owners, arguing that “multiple‑home investment shrinks housing supply, raises prices and rents, and exacerbates social issues” and urging owners to sell before the May exemption ends[2].

Future (mid‑Feb 2026) – The government is expected to release the supplementary measures Koo referenced, finalizing grace‑period rules and additional renter‑protection policies to accompany the May 9 exemption termination[3].

Future (2026‑2027) – In the United States, the “More Homes on the Market Act” backed by Rep. Jimmy Panetta seeks to double the exclusion to $500 k for singles and $1 million for couples, with automatic inflation indexing and 94 cosponsors, aiming to boost listings by an estimated 7 % annually if enacted[1].