Comment by podgorniy
1 day ago
> Excessive regulation is 90% of it.
Housing crisis is observed in almost all what is called "first world" (europe, japan, usa). I believe that 90% of the issue is more global than a regulation.
1 day ago
> Excessive regulation is 90% of it.
Housing crisis is observed in almost all what is called "first world" (europe, japan, usa). I believe that 90% of the issue is more global than a regulation.
Japan doesn't have a housing crisis. I'm in a great location in Tokyo, the rent is under $750/month, and it's been the same for the decade+ I've been in this specific place.
If there's a problem, it's too many empty homes in aging rural areas. Cities are doing just fine, even with a growing population in Tokyo.
It didn't. But it's entering one now.
New apartment prices in Tokyo are double what they were a few years ago. [1] The reason is foreign investors buying up loads of properties and sitting on them or turning them into AirBNBs. Locals can't afford them because wages aren't increasing. The concept of buying a property to resell it also isn't a thing amongst locals, so it's clueless rich people and corporations buying up properties and thinking they can flip them, which won't be happening any time soon.
But after a few years of squeezing, locals may have no choice but to pay their entire paycheck to foreign investors. Though thankfully the government is planning to take steps to potentially outlaw foreign buyers. If we're lucky, and some parties get their way, they might just strip the properties from them. If you're not living here, you have no business owning dozens of homes.
[1] https://www.nikkei.com/article/DGXZQOUC183D80Y4A110C2000000/
My shallow experience of Japan tells me that if there's one country that can regulate the shit of the airbnb problem, it's this one. We're so used in the west to see properties as an asset that only appreciates that we've lost sight of what homes are meant to be. Meanwhile the whole Mediterranean coast is being bought by foreigners with the help of greedy local fucks. I've been told the Portuguese have it much worse even.
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> it's clueless rich people and corporations buying up properties and thinking they can flip them
so the original owner got a nice priced deal out of the sale. Then, when said clueless rich person decides to sell in the future due to being unable to hold on to it any more, they make a loss (which is a gain for that future buyer, whoever they are).
> after a few years of squeezing, locals may have no choice but to pay their entire paycheck to foreign investors
why the squeeze? If the airBNB is being occupied, then it simply means the price for the rental was correct, and it was artificially low before (due to the demand not being met for short term stays).
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The global issue is that elected representatives are becoming weaker.
The idea that a city hall would need to organize some sort of public meeting before approving a construction project is a fairly new one. The city council is elected to represent the people. If they need "community input" why are they even here? (Nevermind the obvious problem with such participatory process - sane and normal people can't participate in every local government decision unless it's their job. Hence why we have representative democracy.)
If you told someone in the 1980s that the British parliament couldn't impose its will on QUANGOs and local governments to build a rail line, they'd look at you as if you were insane. Parliament's power is supposed to be absolute. Yet that's what's happening with HS2.
"Sane and normal people can't participate in every local government decision unless it's their job. Hence why we have representative democracy".
While true, times have changed. The information flow is orders of magnitude faster and have you seen any sane and normal people lately? The norm is spending hours scrolling social media. The argument that nobody has spare time/attention and thus we all need representatives falls flat to me.
We need to explore alternative forms of representation to allow people to choose their level of engagement in various levels of government. Perhaps I'm happy to delegate all national matters to a representative I trust but want to regularly weigh in on local decisions.
Between the technical challenge of trust/security and the inevitable political resistance to such ideas, I sadly don't expect to see them implemented any time soon.
Is this because the representatives are becoming weaker - or is it because we're asking the government to get involved in such a huge portion of what used to be free (as in speech) that it's impractical for them to pay attention themselves at the necessary level, and have to offload the work somehow?
That is, I'm claiming that government can't scale to the levels that the 20th Century escalated it to, with any degree of efficiency at all.
UPD I'm wrong about Japan. Thanks for pointing out.
Add UK, Australia, Canada, the Netherlands to the list of countries with housing crisis.
> Housing crisis is observed in almost all what is called "first world" (europe, japan, usa).
You mentioning Japan gives out that you maybe don't know what you are talking about.
> I believe that 90% of the issue is more global than a regulation.
Or maybe the case it, that also globally most urban areas tend to develop a version of excessive regulation.
And excessive regulation is the norm in all of those (at least US and EU, no idea about Japan).
Is there a housing specific crisis? Or is inflation impacting housing like it impacts everything?
Housing prices have skyrocketed in the developed world since the 90s, and it has nothing to do with inflation (as the inflation in the 90s — early 2000s was very limited).
> Housing prices have skyrocketed in the developed world since the 90s
And in many parts of what we might label as third world.
Japan does not. But it's also the place that didn't (fully) decide to try to keep it's population growing into perpetuity with migration and also has some other more unique market and monetary conditions.
Most of the first world has a habit of mimicking the US.
where is the housing crises in japan?