Housing got cheaper in Japan. They went from the most expensive housing in the world to the cheapest in the industrialized world
They did it by removing barriers to building housing, and incentivizing building homes. The downside is that rich people can’t profit as much off housing, which is a non-starter in many other countries
Housing is also a sort of money pit in Japan because abandoned houses often aren’t considered worth repairing. Old Japanese houses tend to end up with lots of issues, to the point that it is often cheaper to bulldoze and build new. There are plenty of stories of people buying an abandoned house for like $50… But that’s only the initial property cost. It was so cheap because everyone knows that they have to actually invest hundreds of thousands of dollars in bulldozing and rebuilding before the property will be habitable again.
With hundreds of thousands of dollars you can build a giant mansion and still have some change for a good car. Unless you want it to be in the Tokyo central area or something.
Taldan@lemmy.world 12 hours ago
Housing got cheaper in Japan. They went from the most expensive housing in the world to the cheapest in the industrialized world
They did it by removing barriers to building housing, and incentivizing building homes. The downside is that rich people can’t profit as much off housing, which is a non-starter in many other countries
mic_check_one_two@lemmy.dbzer0.com 9 hours ago
Housing is also a sort of money pit in Japan because abandoned houses often aren’t considered worth repairing. Old Japanese houses tend to end up with lots of issues, to the point that it is often cheaper to bulldoze and build new. There are plenty of stories of people buying an abandoned house for like $50… But that’s only the initial property cost. It was so cheap because everyone knows that they have to actually invest hundreds of thousands of dollars in bulldozing and rebuilding before the property will be habitable again.
Jagarico@lemmy.world 4 hours ago
With hundreds of thousands of dollars you can build a giant mansion and still have some change for a good car. Unless you want it to be in the Tokyo central area or something.
tatann@lemmy.world 10 hours ago
Downside ?
Jagarico@lemmy.world 10 hours ago
Can’t call it a downside tbh