3 ms·
Tokyo capped out and is now declining in population because there isn’t a backlog of millions of people who wanted to live there but couldn’t or had to move out
by helen___keller 3y ago
Tokyo capped out and is now declining in population because there isn’t a backlog of millions of people who wanted to live there but couldn’t or had to move out because rent is 3x in Tokyo compared to Osaka.
Rent is maybe 30% higher in Tokyo, even less if you live on the end of a train line. Can you imagine how many people would move to Bay Area CA or New York City or Boston or Seattle if their rent was only 30% higher? Pre pandemic my 3 bedroom in Boston area was 3500/mo. Since the pandemic rents have gone even higher. We have bidding wars of people trying to win a rental unit. Bidding wars. It’s ridiculous.
Also I don’t see your point about houses being torn down. If anything that should make it more expensive (since buying used and not rebuilding is cheaper). Realistically rebuilding is vital (in conjunction with subdivision) because that’s how you increase density
- seanmcdirmid 3y ago> but couldn’t or had to move out because rent is 3x in Tokyo compared to Osaka. Osaka and Nagoya are losing people also. The changes are for metro areas, not city cores. > If anything that should make it more expensive (since buying used and not rebuilding is cheaper). It simply means that you can't compute new housing very easily by new housing construction rates (you have to subtract old housing demolitions). Density currently isn't increasing (you tear down one three story narrow house and replace it with another three story narrow house, you need to buy a bunch of SFHs to make a new apartment building).