Housing anger hits South Korea's Lee

South Korean President Lee Jae-myung's approval rating has hit a record low of 33.8%, with housing policy cited as the main source of public discontent as he enters his second year in office, according to a Realmeter survey. The dissatisfaction stems from housing policy measures, including tougher restrictions on property speculation and borrowing, which many believe have made it harder for prospective buyers to enter the expensive urban housing market, particularly in Seoul.

The Yongsan land dispute in Seoul's Yongsan district, a 3-million-square-meter site returned by the US military, has become a focal point of the housing debate. About 740 acres of the land are earmarked for parkland, but the government has proposed using parts of the site for housing development, a move opposed by local residents who want it preserved as green space.

Critics argue that the housing measures have failed to alleviate the pressure on the housing market, exacerbating Lee's declining popularity. Unlike his successful tenure as mayor of Seongnam and governor of Gyeonggi province, where his approval rating peaked at 72%, Lee's approval has dropped to just below 40% in recent polls. The ruling Democratic Party is now concerned about Lee's ability to recover his standing before a parliamentary election scheduled in two years.