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Old 08-23-2016, 07:39 PM
 
Location: Tuscaloosa, AL
122 posts, read 113,092 times
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Originally Posted by Coseau View Post
The Japanese do not look at housing structures as an capital asset to invest in that will appreciate in value adding to someone's net worth and source of wealth to be passed down to one's heirs. Housing in Japan is a depreciating asset seen as disposable and not permanent. In WWII most of Japan's housing structures were flattened by American air raids. Twenty percent of 6.0 magnitude earthquakes occur in Japan. In Tokyo some 500,000 homes were lost in the Great Kanto earthquake a century ago . This has contributed to the fundamental feeling within the Japanese scheme of things that nothing is permanent. Add this to the fact that in the Japanese Shinto religion newness is seen as spiritually pure and clean and it is no wonder that an Japanese home fully depreciates its full value in 30 years.

It makes perfect sense that Japan has very liberal zoning regulations because the overwhelming majority of Japanese consumers value newness in housing in the same way Westerners value newness in consumer appliances and automobiles.
Then why did they wait until the 1990s to reform their zoning laws?
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Old 08-24-2016, 01:26 AM
 
Location: Kennedy Heights, Ohio. USA
1,826 posts, read 1,496,026 times
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Originally Posted by NormalCarpetRide View Post
Then why did they wait until the 1990s to reform their zoning laws?
This was done in reaction to the the Real Estate Bubble Crash that caused land prices to plummet in Tokyo and other major cities centres in an effort to prop up Japanese banks which had on their books loans on these non performing assets. They reformed their zoning laws not to make it less expensive in major cities centres but to make it more expensive encouraging revitalization in an effort to raise land asset values in major cities centres.

Last edited by Coseau; 08-24-2016 at 01:39 AM..
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