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> It's probably not even possible to expand housing capacity to a significant degree in most locations it'd matters,

This sounds like an excuse. The city of Tokyo alone builds more housing every year than the entire state of California: https://www.thenational.ae/business/property/want-affordable...

Tokyo is an in-demand city in an earthquake prone area, and they've managed to create enough housing to stay ahead of demand.

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This is only tangentially relevant. Japan has a culture where it's accepted that residential property is relatively medium term, and should be upgraded or rebuilt semi-regularily. Contrast that to real estate as an investment/heritance vehicule in the west.

Also, personnaly I wouldn't be ready to live in a Tokyo flat and I suspect most of the target population isn't either. That we may not have a choice down the line is likely, but another issue.

I think I'd live in a Tokyo flat if it cost $1200/month for a one-bedroom spot in the centre! [0] (with outstanding public transit, too)

For that price, you can get a bunk-bed in San Francisco [1]

[0] https://www.numbeo.com/cost-of-living/in/Tokyo

[1] https://sf.curbed.com/2019/7/18/20699340/podshare-san-franci...

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