Tokyo has a declining population. When Tokyo’s population was still increasing, housing prices there were ridiculous (there was the 80s factoid about the Imperial Palace grounds being worth more than the entire state of California).
If you look at many other major cities in Asia (especially China) you will see a combination of wall-to-wall skyscrapers as desired by yimby (usually really yiseby) types, plus insanely high property prices.
If you look at many other major cities in Asia (especially China) you will see a combination of wall-to-wall skyscrapers as desired by yimby (usually really yiseby) types, plus insanely high property prices.