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You're wrong about Tokyo, where housing prices have remained pretty flat for the last 20 years: http://marginalrevolution.com/marginalrevolution/2016/08/laissez

• timr 10y ago
  Yeah, well...certainly another feasible option for affordable housing is a huge economic crash followed by two decades of negative growth and/or deflation. That said, I fail to see how this makes me "wrong"...I said that most residential construction in Tokyo is under five stories, and that the city sprawls. Both are true statements. Tokyo has enormous, far-flung suburbs of low-rise buildings, and most of the population lives there. It's better than SF, in that you do see taller (i.e. 5-10 story) buildings along major roads, and the buildings have a smaller footprint, but these things are details. Tokyo is a gigantic, sprawling city. It's something like 20 times the size of SF.