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An average family in Tokyo can own a new house for $850/month

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Re: An average family in Tokyo can own a new house for $850/month

#11

Post by [deleted] »

heavenlyblue wrote: post #6
claudeganon wrote: post #5

Earlier quoted context omitted.

A big component of this is that building codes aren’t really enforced for the construction of single-family housing in Japan. Even if you wanted to buy a used home, you run the risk that shoddy construction could put you at serious danger in the event of the country’s not-so-infrequent natural disasters. This is one reason why most people tear down and rebuild.

So people rebuild houses just in case for a not-so-frequent natural disaster? Or are there other reasons too?

[deleted]

Re: An average family in Tokyo can own a new house for $850/month

#12

Post by mandelbrotwurst »

vidanay wrote: post #7
claudeganon wrote: post #5

Earlier quoted context omitted.

A big component of this is that building codes aren’t really enforced for the construction of single-family housing in Japan. Even if you wanted to buy a used home, you run the risk that shoddy construction could put you at serious danger in the event of the country’s not-so-infrequent natural disasters. This is one reason why most people tear down and rebuild.

A good percentage of new homes I've seen in the last 30 years here in America are barely a step above that in quality. Most of them aren't outright dangerous, but they certainly aren't top quality.

Houses in the U.S. are largely built by profit maximizing developers who know that the typical American homebuyer cares more about total square footage than essentially anything else about the house. Is it big? Does it have a nice facade? I'll take it! Houses are typically built exactly "to code", rarely above it.

Re: An average family in Tokyo can own a new house for $850/month

#13

Post by jseliger »

codesuki wrote: post #9

I think this headline is misleading in 2 ways. 1. yes you might get a house at this price but it's either 1-2 hours out of the city center (which is fine, just saying Tokyo is large.) Or alternatively it's in bad neighborhoods. (bad is relative if you are from the US) 2. your house will most likely look like this: https://www.ii-ie2.net/dat/5ba1164d.jpg Sayonara sunlight, hello neighbor. here are listings: https://ww…

Sayonara sunlight, hello neighbor.

This is the sort of thing that markets solve really well. If you want a dwelling unit with those properties, pay for it. If they're less important to you than cost, don't. If one is $300,000 and the other $600,000, it's very reasonable to choose affordability and go to a park.

Re: An average family in Tokyo can own a new house for $850/month

#14

Post by Pfhreak »

jseliger wrote: post #2

By contrast consider Conor Dougherty's Golden Gates: Fighting for Housing in America https://www.amazon.com/Golden-Gates-Fighting-Housing-America... , which is about how California in particular works hard to raise the cost of housing. Places like Seattle are a little better, with an emphasis on "little." https://jakeseliger.com/2015/09/24/do-millennials-have-a-fut...

That said, Seattle has a grass roots effort right now to try and get social housing on the ballot for November. There are folks here fighting for housing as a place to live, not as an investment.

Re: An average family in Tokyo can own a new house for $850/month

#15

Post by clairity »

codesuki wrote: post #9

I think this headline is misleading in 2 ways. 1. yes you might get a house at this price but it's either 1-2 hours out of the city center (which is fine, just saying Tokyo is large.) Or alternatively it's in bad neighborhoods. (bad is relative if you are from the US) 2. your house will most likely look like this: https://www.ii-ie2.net/dat/5ba1164d.jpg Sayonara sunlight, hello neighbor. here are listings: https://ww…

that house looks great for $850/mo, and a bmw out front to boot. where do i sign up (in LA)?

Re: An average family in Tokyo can own a new house for $850/month

#16

Post by SpicyLemonZest »

codesuki wrote: post #9

I think this headline is misleading in 2 ways. 1. yes you might get a house at this price but it's either 1-2 hours out of the city center (which is fine, just saying Tokyo is large.) Or alternatively it's in bad neighborhoods. (bad is relative if you are from the US) 2. your house will most likely look like this: https://www.ii-ie2.net/dat/5ba1164d.jpg Sayonara sunlight, hello neighbor. here are listings: https://ww…

Although do note that those factors don't fully cover the differential. Even in Hudson County or Contra Costa County, you're gonna have a hard time finding a 3 bedroom for $300k.

Re: An average family in Tokyo can own a new house for $850/month

#17

Post by hkmurakami »

claudeganon wrote: post #3

Zoning is important, but let’s also remember that single-family housing isn’t really a speculative investment vehicle in Japan like it is here. You can either have private equity buying up foreclosed homes and house flipping tv shows or housing being used as housing that most people can afford. America chooses the former, Japan, the latter.

Iirc commercial building values and high rise tower condo prices in central Tokyo are up due to PE / speculation.

Re: An average family in Tokyo can own a new house for $850/month

#18

Post by vmception »

codesuki wrote: post #9

I think this headline is misleading in 2 ways. 1. yes you might get a house at this price but it's either 1-2 hours out of the city center (which is fine, just saying Tokyo is large.) Or alternatively it's in bad neighborhoods. (bad is relative if you are from the US) 2. your house will most likely look like this: https://www.ii-ie2.net/dat/5ba1164d.jpg Sayonara sunlight, hello neighbor. here are listings: https://ww…

sign me up.

Re: An average family in Tokyo can own a new house for $850/month

#19

Post by clairity »

jseliger wrote: post #2

By contrast consider Conor Dougherty's Golden Gates: Fighting for Housing in America https://www.amazon.com/Golden-Gates-Fighting-Housing-America... , which is about how California in particular works hard to raise the cost of housing. Places like Seattle are a little better, with an emphasis on "little." https://jakeseliger.com/2015/09/24/do-millennials-have-a-fut...

a link to a summary of golden gates on nytimes: https://www.nytimes.com/2020/02/14/books/review/golden-gates...

i’m of the opinion that weiner’s various housing bills, while lovely and worth passage in their own right, didn’t go far enough to break this construction gridlock in california.

Re: An average family in Tokyo can own a new house for $850/month

#20

Post by api »

"But zoning may be the real winner here. Japan’s zoning laws are national—so no local weirdness hampering construction and driving up prices. The system has 12 zones progressing from residential to commercial and industrial. Any buildings allowed in zone 1 are also allowed in the following zones. Basically: Housing can be built almost anywhere, even on extremely skinny or odd-sized parcels of land. This increases the amount of usable residential space and helps builders continue to meet demand, keeping housing costs under control. "

Fighting for something like this here will be one of the fights of the younger generations, otherwise they will be permanently locked out in any city with jobs. (There is plenty of housing where there are no jobs.)

Local NIMBY zoning must die. Its basically a cartel: collusion to restrict supply and drive prices artificially high.

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