Interesting. So there’s 2 main reasons and 1 knock-on effect on why Tokyo (not Japan, just Tokyo) has affordable housing.
They build a LOT of housing. Tons of dense housing which most other countries don’t match.
55% inheritance tax, no exemption. Meaning generational accrual of wealth from houses can’t happen.
The first one is achievable nearly everywhere and would be quite popular. Except with those who already own homes. Building high-density housing will lower housing prices for those nearby. The video covers this well.
The second isn’t going to work in the US. Homes are the #1 generational wealth is accrued and how people rise in economic standing. From paycheck-dependent to stable, etc. Trying to take that away without some other way to build wealth and especially without a national retirement system is going to be deeply unpopular.
Another aspect I found very interesting: Tokyo demolishes and rebuilds every house on average every 30 years. That’s wild to me. They build for safety but not longevity. No one wants a pre-owned house. Couple this with the inheritance tax and I imagine most older people will just sell their homes or pass down only a small amount. Japan’s Public Pension System makes this feasible as well and without that I can’t see this becoming viable in America.
I also wonder how wasteful that kind of demolition ends up being.