Declining population isn't entirely relevant. Japan's major cities still continue to grow, and western countries will probably continue to grow as a whole due t

Declining population isn't entirely relevant. Japan's major cities still continue to grow, and western countries will probably continue to grow as a whole due to immigration. I still suspect that we will see housing bubbles pop in some major western cities, but many will fight it to the death. I predict that whole industries moving to areas with more reasonable housing policy will be the cause. We already see it in cases with investment in Eastern Europe (especially Ukraine until a year ago), and southern U.S states. Part of me hopes that these cities with horribly selfish housing policy end up like the declining western cities that lost out when manufacturing went overseas.