Tokyo could drown in tech dollars but teachers would continue living in cheap housing because Tokyo builds housing. If you stop building housing, you’re deciding someone doesn’t get to live there; market just tells you their names.https://twitter.com/nytimes/status/1081313099032989697 …
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Is the “oh, no, my property values!!one!” thing not a factor in Tokyo? North America’s addiction to mortgages is killing cities.
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The Japanese norm is for housing to depreciate and financing is meant to work with this
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We have much of the same policies and popular opinion that housing prices should always trend upward here in Norway, but everyone wants their kids to afford a house. Does this require politicians to commit seppuku, and take the fall for to fix?
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Individual Americans have so much of their net worth tied up in housing, in part because of the mortgage tax deduction and other policies. I presume Japan doesn’t have this structural issue?
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Mortgage tax deductions exist here too. More “one and done” house purchases (ie no starter home-you rent first) plus Tokyo dwarfs any other first world city in scale. Size is much smaller, but useable area not that different imo.
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This is it! Brilliantly said.
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@davidmcw an Irish economist called people like this part of 'BANANA' republic. Build absolutely nothing, near anywhere, near anything -
No. It's Build Absolutely Nothing At All Near Anything.
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