President Lee Jae Myung's Approval Rating Hits Record Low Amid Housing Policy Backlash

President Lee Jae Myung's disapproval rating has surpassed his approval rating for the first time since he took office. According to a Gallup Korea poll released Friday, 46 percent of respondents viewed his performance negatively, while 44 percent viewed it positively. This represents a 7 percentage point drop in positive assessments and an 8 percentage point rise in negative assessments since the previous survey in July. The decline was particularly sharp among voters in their 20s, where support fell to 30 percent.

Real estate policies were the primary driver of the decline, cited by 30 percent of those who disapproved of the president. Public frustration stems from a red hot real estate market and proposed property tax revisions that would increase the burden on high value residential properties and owners who do not reside in their homes. In response, the government announced a housing package on Thursday aimed at supplying more than 230,000 additional homes in the Seoul metropolitan area. This plan includes 100,000 homes on new sites and seeks to accelerate the construction of 1.35 million homes previously announced for the region by 2030.

The government's plan has faced significant criticism. The main opposition People Power Party described the measures as a rehash of previous plans that lack concrete details, noting that locations for the majority of the new homes remain undecided. An editorial from the center lean perspective argued that the plan relies too heavily on public development and fails to address the timeline for completion, suggesting that the supply cliff will persist for several years. While the government aims to stabilize the market, critics argue that punitive taxation and a lack of private redevelopment incentives continue to fuel public distrust.