South Korean President Lee Jae-myung is facing a decline in public support as his approval rating drops to a new low amid dissatisfaction with his administration’s handling of housing policies and government appointments. A recent survey indicates that 63.3% of the population disapproves of Lee’s performance, while only 33.8% express approval. The slump in approval comes as Lee marks the beginning of his second year in office, within his five-year term.
Housing policy has surfaced as a significant point of contention for the public. The government’s efforts to curtail property speculation have led to tighter borrowing restrictions and increased taxes for owners of multiple or high-value properties. However, critics claim that these measures could exacerbate the challenges for potential homebuyers, especially in Seoul and other key urban centers where property prices remain steep.
Political issues have further compounded the administration’s struggles. Recently, controversies over government appointments have intensified, with the withdrawal of a ministerial nominee and allegations involving another nominee casting a shadow over the administration. These developments have sparked concerns within the ruling Democratic Party about its performance in upcoming parliamentary elections, prompting party supporters to question whether the government can restore public confidence over the next two years.
The Lee administration has acknowledged the growing dissatisfaction and is currently reviewing various areas of concern, including housing, financial markets, and political matters. In response, President Lee is expected to address the nation soon to discuss these pressing issues. The discussion over housing supply is particularly sensitive in Seoul, where plans to develop land in the Yongsan district have underscored the challenge of balancing the creation of new homes with the preservation of green spaces.
During his presidential campaign, Lee promised to expand housing supply while enhancing urban living conditions. Now, his government is under mounting pressure to prove that its housing policies can effectively address affordability and supply issues without causing further frustration among potential homebuyers.