In Japan & Germany, housing policy is oriented to keep home values stable or even encourage them to decline. https://twitter.com/ConorDougherty/status/830095398081536001 …
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seems more recent though. I remember in the 80s and early 90s, they had a big real estate bubble in Japan.
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Was it a bubble in *houses* or *land value*? The two are separable and indeed actually separated in Japan.
End of conversation
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