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In this analysis
Housing is where technocratic policy meets personal balance sheets, and presidents rarely emerge unscathed. Lee Jae-myung's falling approval shows how quickly an affordability agenda can alienate both aspiring buyers and existing owners.
What happened
Reuters reported Lee's approval at a new low amid discontent over housing measures, borrowing restrictions and controversy over appointments.
The argument
Every serious affordability strategy creates losers. More supply can anger neighbourhoods, tighter credit can lock out first-time buyers, and higher property taxes can punish incumbents. Politicians often promise the impossible combination of rising wealth and cheaper entry.
The strongest counterargument
Government can improve affordability over time through transport, zoning, public housing and supply without engineering a sudden collapse in prices.
What happens next
The Yongsan development debate will be a useful test of whether Seoul can trade prestige and green-space promises against the politically urgent need for more housing.
Editorial note
This article separates sourced reporting from analysis. The factual record is linked below; judgments and conclusions are State & Power's editorial analysis.