If you don’t allow enough X to be produced then it isn’t the market which excludes people from having X; the market/prices just deliver the bad news to the marginal people you decided didn’t really need an X available.
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I'd refine your third variable to read something more like "neighborhood along which train line."
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I think the current perception of each train line affects desirably of neighborhoods (& access to express), but "elementary school that has air conditioning & at least a few other foreigners" was also a key variable in neighborhood desirability for us.
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Agree re: housing supply. For further detail, there are two other factors in tokyo rent: inside/outside the Yamanote line, and expat clustering.
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Japan also has low population growth, limitations on immigration, and the post-Fukushima economic depression which are factors. But how much? That's why I'd love to see an economic analysis.
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I can also confirm that the ancient, unremarkable $600 25 sq m. studio my ex-girlfriend rented in First Hill, Seattle in 2000 now goes for around $1300 and that $800 apartments are as real as the tooth fairy there now.
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800$ in Tokyo are tiny one room pidgeon houses with a toilet shower room attached. It’s only suited for students/fresh grads.
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Also my favorite about Tokyo is commercial rent is reasonable which allows proliferation of businesses that don’t need to be unicorns (ie. niche jazz bars that can cater to 6 seats a night)
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So, I'd *really* like to see a serious analysis of the components of rationalizing Tokyo rents over the last decade+. How much was due to building, and how much due to other economic factors? Matters to us here in Portland OR ...
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Great thread. But do the programmers in Tokyo earn the same in USD terms as SF programmers? Otherwise that 800 USD apartment is as unaffordable to them as the SF ones are for SF programmers
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I'll second that conformation, I have tenants in Vancouver paying more than double.
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