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Can we please stop talking about Tokyo housing. It was only a few decades ago that California was cheap and Tokyo was insanely expensive and locals couldn't aff

by rr808 4y ago

Can we please stop talking about Tokyo housing. It was only a few decades ago that California was cheap and Tokyo was insanely expensive and locals couldn't afford it. 30 years of economic depression has created cheaper houses.

TulliusCicero 4y ago
> Tokyo was insanely expensive and locals couldn't afford it. IIRC that was buying housing, not renting. Purchasing housing is subject to speculation in a way that rent is not. But if you have data that says otherwise, I'd love to see it. The data I can find shows the expected price spike in Japan for buying condos, but no such spike for renting: Condos - https://japanpropertycentral.com/2013/10/japans-apartment-market-over-the-last-40-years/ https://japanpropertycentral.com/2013/10/japans-apartment-ma... Apartments - https://nbakki.hatenablog.com/entry/changes_in_house_rent https://nbakki.hatenablog.com/entry/changes_in_house_rent That said, I wouldn't be surprised if rents were higher in an economic boom, I just doubt it got as crazy as condo prices did in Tokyo.
- rr808 4y ago
  Yes of course buying housing. This is what most households want and what most of them eventually do. Renting is a stepping stone or for people that are mobile, dont want to commit or really can't afford to buy. People who dont own are often subsidized or given public housing so also less relevant.
  - TulliusCicero 4y ago
    Most people in Germany just rent, because renting works fine there, due to renter protections. We could do the same in the US.
    - rr808 4y ago
      Certainly Germany, Switzerland, Austria have unusually low ownership rates right now. I think its more likely that will change rather than anyone copying those countries.
Zigurd 4y ago
Not to mention a declining population in Japan. Over the past 20 years new housing has lagged population growth in the US. it doesn't take much supply/demand mismatch for a non-discretionary item to have exploding prices.
- TulliusCicero 4y ago
  > Not to mention a declining population in Japan. Prices have remained reasonable even as the Tokyo metro population continued to increase.

by rr808 4y ago

TulliusCicero 4y ago

> Tokyo was insanely expensive and locals couldn't afford it. IIRC that was buying housing, not renting. Purchasing housing is subject to speculation in a way that rent is not. But if you have data that says otherwise, I'd love to see it. The data I can find shows the expected price spike in Japan for buying condos, but no such spike for renting: Condos - https://japanpropertycentral.com/2013/10/japans-apartment-market-over-the-last-40-years/ https://japanpropertycentral.com/2013/10/japans-apartment-ma... Apartments - https://nbakki.hatenablog.com/entry/changes_in_house_rent https://nbakki.hatenablog.com/entry/changes_in_house_rent That said, I wouldn't be surprised if rents were higher in an economic boom, I just doubt it got as crazy as condo prices did in Tokyo.

rr808 4y ago
Yes of course buying housing. This is what most households want and what most of them eventually do. Renting is a stepping stone or for people that are mobile, dont want to commit or really can't afford to buy. People who dont own are often subsidized or given public housing so also less relevant.
- TulliusCicero 4y ago
  Most people in Germany just rent, because renting works fine there, due to renter protections. We could do the same in the US.
  - rr808 4y ago
    Certainly Germany, Switzerland, Austria have unusually low ownership rates right now. I think its more likely that will change rather than anyone copying those countries.

Zigurd 4y ago

Not to mention a declining population in Japan. Over the past 20 years new housing has lagged population growth in the US. it doesn't take much supply/demand mismatch for a non-discretionary item to have exploding prices.

TulliusCicero 4y ago
> Not to mention a declining population in Japan. Prices have remained reasonable even as the Tokyo metro population continued to increase.