> So houses don't appreciate; they depreciate. So people don't use them as "investments"; they're just a place to live. That's the core aspect for it to work i

> So houses don't appreciate; they depreciate. So people don't use them as "investments"; they're just a place to live. That's the core aspect for it to work in Japan though, it's a massive cultural difference in how houses are viewed as (and how policies were made) compared to other countries. The cultural difference is what blocks policies to increase supply in other countries, to break the culture of seeing a house as an investment and making current prices drop is exactly the friction point that demands some politicians to commit career suicide if they want to change it. I can only see it happening when the social fabric is close to a breaking point due to unaffordability, before that I don't see how Western countries that have pushed for generations housing as an investment to change course.