Real galaxy brain take there. “Housing prices have always fluctuated, therefore these fluctuations are unrelated to this other highly correlated factor”.
Not that I disagree much with the substance of pointing out Prop 13, etc, but you should also definitely blame tech for loading an entire industry into a metro area.
Tokyo also has mixed-rate zoning and the culture is not built around using a developed proprty to build equity but rather continual reproduction of a living space.
Not that I disagree much with the substance of pointing out Prop 13, etc, but you should also definitely blame tech for loading an entire industry into a metro area.