President Lee Jae Myung accused his critics of defending "disastrous" real estate speculation and engaging in red-baiting.

The president posted an article to social media on Monday in which People Power Party spokesperson Choi Bo-yun criticized the government's housing supply policy.

In the statement released the previous day, Choi accused the government of blocking necessary solutions and scraping together idle land, effectively directing the public to accept whatever housing the state hands out.

Lee also shared a report indicating that a home in affluent southern Seoul had cut its asking price by roughly 400 million won, or about 300-thousand U.S. dollars.

Over the weekend, the president repeatedly posted about real estate issues on social media.