For market urbanists, Japan is about as relevant a solution to our housing crisis as Vienna is for democratic socialists, which by the way, required, a *World War* to crash land values enough for acquisition. (Anytime anybody says Vienna, ask them if they wish for World War I.)
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This just isn’t true. Homes are used as a SoV/speculation vehicle in japan, and were the main contributing factor in the Nikkei crash. There’s also been many real estate bubbles since then. Low prices are caused by low wage growth and lax zoning regs that provide supply.
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Wat? Japan had one of the biggest property bubbles in history
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the problem is there is no way to unmilk that cow. Strip out rent control in a city with near 0 housing construction will just mean that the current lucky poor join all the other poor while the upper middle class bid each other up. Supply supply supply supply supply.
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https://www.vox.com/2016/8/8/12390048/san-francisco-housing-costs-tokyo … This is my go-to article. It's almost like state/national-level housing policy, which facilitates ease of building new housing, keeps housing affordable. Who knew?
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great article. who knew that centralized zoning works better than local one :)
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