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How Japan dodged a global housing crisis
Apr 9, 2025
Explore how Japan transformed from a housing market crisis to affordable home ownership. Discover the impactful policies from the era of Yasuhiro Nakasone and the unique town planning strategies that shaped their success. Uncover the tension between urban development and community heritage in Tokyo, as rising land prices challenge traditional neighborhoods. Finally, compare Japan's housing dynamics, cultural practices, and tax policies with Australia’s struggles, offering insights into potential solutions for global housing challenges.
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Quick takeaways
- Tokyo's transformation from one of the world's most expensive housing markets to an affordable one stems from innovative urban planning and centralized control over development.
- Australia's escalating housing crisis highlights the need to reassess existing policies, as young Australians face the daunting challenge of extended timelines to homeownership amidst rising property prices.
Deep dives
The Affordable Housing Shift in Tokyo
Tokyo, once notorious for its exorbitant housing prices, has transformed into a model of affordability among major cities in wealthy countries. In the 1980s, families like the Kanemarus were pushed far from the city center, grappling with crushing debt while commuting long hours. However, today Tokyo's housing market defies the trend seen in cities like London and Sydney, proving that a housing crisis isn’t inevitable. The drastic changes in urban planning and the shift to national rather than local control over housing development have significantly contributed to this affordability.
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