Why housing is becoming a major political headache for South Korea’s Lee

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”. 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 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.

Source: Times of India September 14, 2026 14:54 UTC