Amid increasing public discontent over domestic policies, South Korean President Lee Jae-myung’s approval rating has plunged to a new low. Recent opinion polls reveal that 63.3% of respondents disapprove of his performance, while only 33.8% express approval. This downturn arrives as Lee embarks on the second year of his five-year presidential term, with housing policies, government appointments, and other domestic challenges fueling dissatisfaction.
Housing issues have become a central point of contention, as the government implements measures to curb property speculation. These include stricter borrowing restrictions and increased taxes on owners of multiple or high-value properties. Critics of these policies argue they could hinder potential buyers from affording homes, especially in Seoul and other large cities where property prices remain steep. Meanwhile, political controversies, such as the withdrawal of a ministerial nominee and allegations surrounding another, have further strained the administration’s support.
The declining approval ratings have sparked concerns within the ruling Democratic Party about their prospects in the upcoming parliamentary elections. Party loyalists are increasingly anxious about whether the government can restore public confidence over the next two years. Acknowledging the rising dissatisfaction, the administration has stated it is reviewing various issues, including housing, financial markets, and political matters. President Lee is also anticipated to directly address the public in the near future.
The debate over housing supply is particularly contentious in Seoul, where plans to develop land in the Yongsan district underscore the challenge of meeting the demand for new homes while preserving green spaces. During his presidential campaign, Lee promised to expand housing supply while enhancing urban living conditions. His administration now faces mounting pressure to prove that its housing policies can tackle affordability and supply concerns without further alienating prospective homeowners.