Tokyo's population is growing faster than New York and London, but its housing prices are less than half. How?
The TSE code of Invincible Investment Corp appears to be 8963 rather than 8964.
Bloody great read. Have you seen the video "Why Japan Looks the Way it Does: Zoning" touches on some similar points and is a super interesting watch: https://www.youtube.com/watch?v=wfm2xCKOCNk
Thanks for the interesting article! I think it's also important to look at some negative points of Japan's housing policy. The constant supply of new housing means that Japanese consumers prefer newly built homes and will not even look at a 'used' one which someone has lived in before. This lack of demand for existing property contributes to the price of property falling over time. This makes it difficult for Japanese people to build wealth over time. Secondly, the constant demolition of existing hmes to make way for shiny new models is terrible for the environment. Rather than maintaining their homes and doing DIY, Japanese people usually allow their homes to decay and then simply have them demolished and rebuilt completely.
Interesting. One undiscussed factor is the number of new housing starts in Tokyo versus New York is that Japanese houses are not built to last very long. They are torn down and rebuilt at much higher rates than in the US. If possible, it would be nice to see the comparative changes in housing stock, not just new construction starts.
Respectfully, your NYC map is both outdated, and even at the time, not entirely accurate, as is the statement around single- or two-family exclusive usage. Review the current ZoLA: https://zola.planning.nyc.gov/ and particularly zoom in on the area north of Central Park. You'll note dozens and dozens of C-level zoning overlays on the R1 and R2 designations of the area. You'll also see many R7 zoning areas all over the neighborhood allowing 6-7 story buildings with 10-15 units. Next we can look at Hunters Point (that's the little yellow tip east of Manhattan along the river surrounded by purple and orange). Today that area is almost entirely R10 (super high rise, 40+ floors) and even the M zones to the north for "light industry" are actually filled with additional high rises. None of this goes against your broader point - the NIMBYs exist, and unless you are forcing industry to move, it can be expensive (thus less profitable) to build housing if you have to first spend millions to convince people to move out (and then you get into a repair war, and mysterious fires, and other nasty outcomes). And then you have to spend the money on neighborhood capital improvements to get that zoning change done, otherwise the city council seat for that neighborhood may be against you when your case for rezoning comes up to the department of buildings.