Minister of Land Candidate Park Sang-woo: "Obligation of Actual Residence Needs Prompt Improvement"

Park Sang-woo, the nominee for Minister of Land, Infrastructure and Transport, stated that the residency requirement for apartments under the price ceiling system "needs to be improved promptly to alleviate public inconvenience."

[Image source=Yonhap News]

On the 18th, in his written responses submitted to the National Assembly Land, Infrastructure and Transport Committee, Park said, "I understand that the residency requirement has side effects such as restricting citizens' housing relocation and shrinking the supply of newly built rental housing."

He added, "In the case of profit-related legal amendments for the public, retroactive application is the principle, so it is desirable to apply the same when easing the residency requirement to houses that were previously subject to the obligation."

He also said, "If appointed as minister, I will review the situation regarding the amendment of the residency requirement law and consider measures to resolve the public inconvenience caused by the residency requirement."

The National Assembly Land, Infrastructure and Transport Committee will hold a bill review subcommittee on the 21st to discuss the abolition of the residency requirement. This is expected to be the final discussion on the abolition of the residency requirement.

The confirmation hearing for nominee Park is scheduled to be held on the 20th.

This content was produced with the assistance of AI translation services.