Lee Jae-Myung Approval Rating: Why housing is becoming a major political headache for South Korea’s Lee
South Korean President Lee Jae-Myung’s approval rating has fallen to a new low, with housing policy emerging as one of the key issues driving public dissatisfaction as he enters the second year of his five-year term.According to a Realmeter survey published on Monday and reported by Reuters, 63.3% of respondents said they disapproved of Lee’s performance, while only 33.8% approved.The pollster attributed the decline in support partly to dissatisfaction with housing policy and recent cabinet appointments.The approval rating slide comes as Lee faces growing pressure to address concerns over urban housing affordability and supply, issues that have previously posed major political challenges for liberal governments in South Korea.
Housing becomes a political headache
Lee has sought to curb property speculation through tougher measures targeting multiple-home owners and owners of expensive properties. His government has also tightened borrowing restrictions on leveraged property purchases.Critics, however, say the measures have left many prospective buyers feeling increasingly locked out of urban housing markets.The housing debate has also centred on the future of land in Seoul’s Yongsan district. Around 2,800 acres of land are being freed up for potential development, including about 740 acres of parkland — an area slightly smaller than New York’s Central Park.The question of whether parts of the land should be developed into high-density housing has highlighted the competing demands for additional homes and green space.Lee had pledged during his presidential campaign to create a “Central Park for Korea”. But the issue has become politically sensitive as pressure increases to expand housing supply in Seoul.Kim Si-deok, a commentator on urban development, said Lee had created a perception that he was listening more to those seeking to preserve Seoul as a “boutique city” rather than treating it as a mass housing market.
Approval rating falls from earlier highs
The latest decline marks a sharp contrast with Lee’s record as mayor and later governor of Gyeonggi, South Korea’s most populous region.His approval rating rose from 29% in 2018 to a peak of 72% two years later, before he left office with support at around 60%, according to Reuters.As president, however, Lee has faced a more complicated set of political and policy challenges. Housing has emerged as one of the biggest sources of public dissatisfaction, echoing problems that also weighed on the presidency of former liberal president Moon Jae-in.The latest Realmeter survey also found that cabinet-related issues contributed to the decline. These included the withdrawal of a nominee for gender equality minister and accusations of ethics violations involving the nominee for justice minister.
Lee says the finish line matters
Lee has not publicly commented on his falling approval rating. He had previously played down the importance of setting a specific target for his popularity, saying his focus was on his performance over the full presidential term.“There’s no point talking about a goal for what kind of support I’d like to get,” Lee said early in his presidency last year. “I’m going to do my best with the expectation that it’ll be higher when I finish.”The decline has nevertheless raised concerns within the Democratic Party and among supporters over whether Lee can turn around his popularity before a parliamentary election due in two years. The party’s ability to retain its majority could be affected by the political mood leading into that contest.Kim Eo-joon, a prominent liberal pundit and early supporter of Lee, warned about the difficulty of recovering once approval falls into the 30s.“Once you hit 3 (in the first digit) in support rating, no president has recovered from that,” Kim said on his YouTube show last month.
Blue House promises direct outreach
The presidential Blue House has said Lee plans to address the public directly, although the format is still being considered.Blue House spokesperson Kang Yu-jung said the government viewed the decline as the result of several policy and political issues rather than a single factor.“We look at this as a compound result of various policy issues such as real estate and the stock market as well as political issues,” Kang said at a Friday briefing, according to Reuters.“We’re listening to the voices of the public with a heavy sense of responsibility.”For Lee, housing therefore remains a central challenge as his administration seeks to address concerns over property prices, borrowing restrictions and the availability of urban homes while navigating the politically sensitive balance between development and green space.
