Comment by steveBK123

Japan also has a declining population, extremely low immigration, and minimal foreign housing purchases.

These are the opposite factors of what urban US is facing.

Even Tokyo metro area population has been in decline and is forecast to decline, as NYCs continues growing.

Tokyo housing-space-per-resident being higher is probably also an artifact of lower household formation / childrearing than western cities.

That said Tokyo has different zoning which allows for smaller apartment units than NYC/SF/etc and should be applauded for that.