Comment by kiba

Land value tax would be a good addition to the Japanese model. Raise the tax high enough, land prices are zero, leaving behind only the value of the home. Homes, like cars, will naturally depreciate in value. No weird artificial depreciation of houses needed.

You can still have investment in real estate, but it will be a competitive market. You can't sit on land and let it appreciate without putting in the work, because appreciation of land means higher taxes.