Housing got cheaper in Japan. They went from the most expensive housing in the world to the cheapest in the industrialized world
They did it by removing barriers to building housing, and incentivizing building homes. The downside is that rich people can't profit as much off housing, which is a non-starter in many other countries
Housing is also a sort of money pit in Japan because abandoned houses often aren’t considered worth repairing. Old Japanese houses tend to end up with lots of issues, to the point that it is often cheaper to bulldoze and build new. There are plenty of stories of people buying an abandoned house for like $50… But that’s only the initial property cost. It was so cheap because everyone knows that they have to actually invest hundreds of thousands of dollars in bulldozing and rebuilding before the property will be habitable again.
With hundreds of thousands of dollars you can build a giant mansion and still have some change for a good car. Unless you want it to be in the Tokyo central area or something.
Make it less economically attractive to own multiple houses (ban Air B&B, high tax rate on ownership beyond primary residence, ban corporate ownership of certain types of home, etc) and maybe we'll see some shift.
That's why California and Florida have a public fund to let residents in disaster prone areas to rebuild their homes in the same place with little changes. Most homes in those areas are less than 5 years old.
17 Comments
aeronmelon@lemmy.world · 32 pts · 236d
realitista@lemmus.org · 24 pts · 236d
Things don't get cheaper for no reason.
pewpew@feddit.it · 17 pts · 236d
Things don't get cheaper.
Taldan@lemmy.world · 9 pts · 236d
Housing got cheaper in Japan. They went from the most expensive housing in the world to the cheapest in the industrialized world
They did it by removing barriers to building housing, and incentivizing building homes. The downside is that rich people can't profit as much off housing, which is a non-starter in many other countries
tatann@lemmy.world · 5 pts · 236d
Downside ?
mic_check_one_two@lemmy.dbzer0.com · 4 pts · 236d
Housing is also a sort of money pit in Japan because abandoned houses often aren’t considered worth repairing. Old Japanese houses tend to end up with lots of issues, to the point that it is often cheaper to bulldoze and build new. There are plenty of stories of people buying an abandoned house for like $50… But that’s only the initial property cost. It was so cheap because everyone knows that they have to actually invest hundreds of thousands of dollars in bulldozing and rebuilding before the property will be habitable again.
Jagarico@lemmy.world · 1 pts · 235d
With hundreds of thousands of dollars you can build a giant mansion and still have some change for a good car. Unless you want it to be in the Tokyo central area or something.
Jagarico@lemmy.world · 2 pts · 236d
Can't call it a downside tbh
Lemmyoutofhere@lemmy.ca · 15 pts · 236d
Will only get cheaper if there is large scale deflation, and then nobody will be able to afford a house because everyone will be unemployed.
SuluBeddu@feddit.it · 7 pts · 236d
Or very high and progressive multi-property taxes 🫣
nwtreeoctopus@sh.itjust.works · 7 pts · 236d
Make it less economically attractive to own multiple houses (ban Air B&B, high tax rate on ownership beyond primary residence, ban corporate ownership of certain types of home, etc) and maybe we'll see some shift.
Lemmyoutofhere@lemmy.ca · 1 pts · 236d
There already is higher tax rates and higher mortgage rates on investment properties. It’s still worth it for small time investors.
nwtreeoctopus@sh.itjust.works · 3 pts · 236d
Sure. Make 'em even higher. Plus all the other suggestions.
Swedneck@discuss.tchncs.de · 1 pts · 229d
and if that still doesn't work, i'm sure public flogging would have an effect.
nwtreeoctopus@sh.itjust.works · 2 pts · 229d
I am brave enough to support public flogging of landlords.
RockBottom@feddit.org · 2 pts · 236d
Yeah, where are the insurance skeptics?
joyjoy@lemmy.zip · 1 pts · 236d
That's why California and Florida have a public fund to let residents in disaster prone areas to rebuild their homes in the same place with little changes. Most homes in those areas are less than 5 years old.