The nominee for minister of land, infrastructure and transport expressed an intent to address the trend of housing prices exceeding household income levels.

In a written response on Monday ahead of his parliamentary confirmation hearing set for Wednesday, Park Sang-woo said he plans to review policies aimed at sufficient housing supply and the establishment of a housing safety net for vulnerable groups.

The nominee said these measures would complement a stabilization of fluctuating housing prices to prevent further expansion.

As for the application of a price ceiling system for residences subject to a legal occupation requirement for owners, the nominee said he will seek ways to mitigate public inconveniences on moving and a contraction of rental housing supply arising from such restrictions.

The remarks come as the parliamentary land committee is set to convene a subcommittee review on Thursday for the final round of discussions on a pending bill aimed at scrapping the residence requirement for price-capped homes.