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South Korean President Lee Jae-myung's approval rating has plummeted to an all-time low of 63.3%, according to a recent Realmeter survey. This sharp decline underscores the growing public discontent with his administration, particularly over housing policies and other key decisions. The poll found that 33.8% of respondents believed Lee was performing satisfactorily, a stark contrast to the disapproval rate.

Public frustration has been particularly pronounced regarding housing, a complex issue that has plagued South Korea's political landscape for years. As mayor and governor of Gyeonggi, South Korea's most populous region, Lee enjoyed significant popularity, with his ratings peaking at 72% during his tenure. However, once in office, he has struggled to address the nation's housing woes.

A major source of discontent stems from Lee's proposed measures to curb property speculation, including raising taxes on owners of multiple homes and tightening borrowing restrictions for leveraged purchases. Critics argue these policies have made it even more difficult for prospective homebuyers to enter the urban housing market.

The debate over how to develop Seoul's Yongsan district, which has recently released 2,800 acres of land, has further intensified the housing crisis. While Lee campaigned on a promise to create a "Central Park for Korea," transforming this vast expanse into high-density housing has become a contentious issue. Some critics contend that his approach favors preserving Seoul as a "boutique city" over addressing the pressing need for affordable housing.