South Korean President Lee Jae-myung is facing a significant drop in public approval, with his rating hitting a new low amid dissatisfaction over housing policies and government appointments. A recent survey indicates that 63.3% of citizens disapprove of Lee’s performance, while only 33.8% express approval. This decline in support comes as Lee embarks on the second year of his five-year term, confronting mounting challenges on the domestic front.
Housing policies have emerged as a primary concern for the public. The government’s efforts to curb property speculation — through stricter borrowing regulations and increased taxes on owners of multiple or high-value homes — have sparked criticism. Many argue these measures could exacerbate affordability issues for potential homebuyers, particularly in Seoul and other major urban centers where property prices remain steep.
Political turbulence has further strained public confidence in the administration. Controversies over government appointments, including the withdrawal of a ministerial nominee and allegations against another, have added to the pressure on President Lee’s leadership. This slump in approval ratings has raised alarm within the ruling Democratic Party, which is anxious about its prospects in upcoming parliamentary elections.
The administration is aware of these growing concerns and has stated that it is reassessing key issues such as housing, financial markets, and political stability. President Lee is expected to address the nation in the coming weeks to discuss these challenges. The debate surrounding housing supply is particularly pressing in Seoul, where plans to develop land in the Yongsan district have sparked discussions on balancing new housing demand with the preservation of green spaces.
During his campaign, Lee promised to expand housing availability while enhancing urban living conditions. However, his government now faces the formidable task of proving that its policies can improve affordability and meet housing demands without further alienating potential buyers. Party supporters are keenly observing whether the administration can restore public trust and navigate these pressing issues effectively over the next two years.