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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This is 90% loan to value mortages/contstruction loans, Bank of Japan interest rates at -.1%, low/negative GDP and wage growth, and extremely cavalier zoning laws. I'm disagreeing with the stated cause of this, not whether it happens.
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