I see little emphasis in this article on real estate or rents. Sure, the issues they raise are contributors, but housing issues are foundational for many of the other problems they spend a lot of time on in the article. SK is more land-constrained than Japan. We're seeing family formation being negatively impacted in many areas of the world now due to high real estate prices. It's particularly acute in SK:
https://www.latimes.com/world-nation/story/2023-04-11/in-seo...