The prediction of trajectories of buoyancy-driven objects immersed in a viscous fluid is a key problem in fluid dynamics. Simple-shaped objects, such as disks, present a great variety of trajectories, ranging from zig-zag to tumbling and chaotic motions. Yet, similar studies are lacking when the object is permeable. We perform a linear stability analysis of the steady vertical path of a thin permeable disk, whose flow through the microstructure is modelled via a stress-jump model based on homogenization theory. The relative velocity of the flow associated with the vertical steady path presents a recirculation region detached from the body, which shrinks and eventually disappears as the disk becomes more permeable. In analogy with the solid disk, one non-oscillatory and several oscillatory modes are identified and found to destabilize the fluid-solid coupled system away from its straight trajectory. Permeability progressively filters out the wake dynamics in the instability of the steady vertical path. Modes dominated by wake oscillations are first stabilized, followed by those characterized by weaker, or absent, wake oscillations, in which the wake is typically a tilting induced by the disk inclined trajectory. For sufficiently large permeabilities, the disk first undergoes a non-oscillatory divergence instability, which is expected to lead to a steady oblique path with a constant disk inclination, in the nonlinear regime. A further permeability increase reduces the unstable range of all modes until quenching of all linear instabilities.