The Housing Crisis in Japan

The housing crisis in cities like New York and San Francisco is in large part the result of the fact that those cities attract the top 1% who are a lot richer than the median American. In Japan, they've had weaker GDP growth, but also much slower growth of the incomes of the top 1%. So their top 1% isn't nearly as rich relative to the rest of their population as our top 1% is relative to the US population. But it's actually pretty widespread at this point to all of coastal California, Seattle, the entire Northeast Corridor. And then also a lot of sort of college town type places that obviously Madison, Wisconsin is cheaper than San Francisco, but it has become