Roughly speaking 1. Laws encourage developers to build new 2. Shrinking population (birth rate and low immigration) 3. 50% inheritance tax makes high resell va

Roughly speaking 1. Laws encourage developers to build new 2. Shrinking population (birth rate and low immigration) 3. 50% inheritance tax makes high resell valuable less attract 4. Land has value but houses are like cars - they depreciate (a lot to do with earthquake regulations and then just culture (not liking living in a house someone else built) I am not 100% convinced these are the right or only solutions (availability of mortgages always ratchet ups prices), the effect of inheritance tax as a wealth tax is massive but why not just do a wealth tax, and it implies investment before death or encourages active not passive investment (ie non rentierism)