It’s Better in Japan!

Be more like Japan. That is the takeaway from a Bloomberg column by the always-interesting Noah Smith. His is the latest article to look at Tokyo’s approach to housing for answers to the spiralling cost of homes in comparable Western cities. On the surface, the lessons are straightforward, with Tokyo serving as a heartening reminder that the basic laws of supply and demand actually hold true. The best way to lower the cost of housing is to simplify the planning system and let people build more houses. By starting on 100,000 new dwellings a year, Tokyo’s housing stock has more than kept pace with its population. As a result, the cost of housing is low.

 

Article by Oliver Wiseman

The Property Chronicle.