South Korean President Lee Jae-myung is facing a significant dip in popularity, as his approval rating plummets amid growing dissatisfaction over his handling of domestic issues. Recent polling data indicates that 63.3% of respondents disapprove of Lee’s performance, while only 33.8% approve, marking a new low as he enters the second year of his five-year term. The discontent primarily stems from the government’s housing policies, controversial government appointments, and other domestic matters.
Housing policy has emerged as a major point of contention, with the government’s efforts to curb property speculation through tighter borrowing restrictions and increased taxes on owners of multiple or high-value homes drawing criticism. Many argue that these measures could further complicate homeownership, particularly in Seoul and other urban centers where property prices remain steep. Meanwhile, the political landscape has also been rocky for Lee, with controversies surrounding government appointments adding to the administration’s challenges. The withdrawal of a ministerial nominee and allegations involving another have fueled public dissatisfaction.
These issues have sparked concern within the ruling Democratic Party, as they worry about the impact on their prospects in the upcoming parliamentary elections. Supporters are keenly watching to see if the government can restore public confidence over the next two years. The administration has acknowledged the disapproval and is actively reviewing various concerns, including those related to housing, financial markets, and political issues. President Lee is expected to address the public soon to discuss these matters directly.
One particularly sensitive topic is the debate over housing supply in Seoul. Proposals to develop land in the Yongsan district have underscored the challenge of balancing the need for new homes with the preservation of green spaces. During his presidential campaign, Lee promised to increase housing supply while enhancing urban living conditions. Now, his administration is under pressure to prove that their housing policies can effectively tackle affordability and supply issues without further alienating potential homebuyers.