The Social Development Minister said he was proposing a "fundamental review of how we allocate social housing", on 15 October 2012.
Nelson McCausland was launching a public consultation for his new housing strategy.
The minister said it would play a key role in supporting his department's regeneration responsibilities.
These included; ensuring decent affordable homes, meeting housing needs, housing and welfare reform, driving regeneration and "getting the structures right".
Mr McCausland noted that "the Northern Ireland housing market is slowly emerging from a turbulent period".
He said there was a need for 11,000 new houses every year, but in recent years only around 7,000 had been built.
"If this situation continues in the longer term, house prices may again rise in an unsustainable way," he said.
The Social Development Committee chairman, Alex Maskey of Sinn Fein, welcomed the statement, as did many of the members.
He said it was "remarkable" that there had not already been an overarching housing strategy in place.