Japan does not culturally treat housing and homeownership as a store of wealth the way America has for most of a century and as a result, all of its downstream policies like taxation, subsidies, zoning, etc. don’t enable housing to appreciate disproportionately faster than wages.https://twitter.com/hblodget/status/1133539607264550914 …
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Isn't the counter to this that they don't treat housing a wealth-generation tool BECAUSE supply has been able to keep up with demand? It seems like one reason home ownership has turned into every boomer's nest egg is because zoning + housing policies made it appreciate so fast.
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Zoning was only really reinvigorated in California in the 1970s. Housing/property as a store of wealth was actively discussed by FDR during the New Deal and it’s rooted in old English culture, legal norms from centuries ago.
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You also need a socialist or labor party with a significant percentage of the metro’s population as members, imho.
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Vienna is not really a city where everyone wants to move (and hasn't been for 100 years now) so the idea that Vienna's policy would be a prescription for SF, New York or Seattle seems a bit odd.
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It appears to have a decent QoL although admittedly no longer the seat of empire.
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Traditionally, Japanese construction practices also support this argument, as many Japanese homes have been designed to depreciate in value https://www.theguardian.com/cities/2017/nov/16/japan-reusable-housing-revolution ….
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anytime anybody says vienna relied on the war to crash land values, point to finland and say "finland did the same thing, only starting 30 or 40 years later." or just point to vienna itself i guess and say, "wait, they're still building social housing now!"
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this is like the people who point to the resurgence of the U.S. economy during WWII and say "see, it's not government stimulus that rebuilt the economy, is was just a war in which the government spent billions of dollars to employee people and manufacture things!" galaxy brain
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If I wanted to read more about this, you have any advice on what to search for ?
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Heh, you don't need a world war to have inflation.
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