https://web.archive.org/web/20230917073306/https://www.nytimes.com/2023/09/11/opinion/editorials/tokyo-housing.html https://web.archive.org/web/20230917073306/h

https://web.archive.org/web/20230917073306/https://www.nytimes.com/2023/09/11/opinion/editorials/tokyo-housing.html https://web.archive.org/web/20230917073306/https://www.nytim... In Japan, the real estate system is designed to ensure affordability of homes. In Australia, the real estate system is designed to encourage and maximise real estate investment as a no-effort wealth multiplier for (literal) rent-seekers. See for example the policy of "negative gearing" where the tax system subsidises those buying investment properties. Those that took advantage are such a powerful block that no politician of any stripe has the gumption to sunset this policy.