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So much has been said about housing prices. Scott even jumped into the fray recently. But I think there's something missing from every analysis. Here's my take, which I offer with low confidence, but at least it's not the same regurgitated shit:
Housing Prices are a Meme
Something changed around the year 2000. It wasn't an economic change. It was a mental change in how much people are willing to pay for a house. Before, people might have balked at paying 50% of their income on a house. Now they do it. And why not? With few exceptions, housing always goes up. Once you digest that, then there's almost no amount that's too much to pay.
Prices in San Francisco are not high. Compare San Francisco to Vancouver. Compare it to Hong Kong.
San Francisco is the richest city in the world. Yet, prices in San Francisco are not really too much different from much poorer cities like London, Vancouver, or Hong Kong. In San Francisco, a software engineer might spend 50% of his income on a house. In China, he would spend MORE THAN 100%, relying on the accumulated wealth of parents and grandparents.
Housing prices are a meme. Fortunately, this meme is less strong in the United States than it is in Europe, Canada, or China. But it's getting worse here. To break high housing prices, we need to break the meme. We need people to learn that housing prices go down. To do that, we need to create government programs that make housing a shitty investment, which is the opposite of what happens now.
If you want to see what happens when the meme finally gets broken, look at Japan. Housing has been a shitty investment in Japan for a long time now. People don't hoard houses hoping for appreciation like they do in other places. As a result, it's affordable. People have been trying to figure out what makes Japan different. This is it. This is the reason.
If we want lower prices, we need to break the meme. Everything else is just nibbling at the edges.
Isn’t it a bad investment in Japan because declining north rates mean there is less demand?
What started the decline was a very high base rate, IMO. Prices at the peak around 1990 were unsustainable. There was a popular saying at the time that the theoretical land value of the Imperial Palace in Tokyo was greater than the land value of the entire state of California.
Now that's it's been a bad investment for 30 years, people don't speculate the same way they do here.
The real population decline in Japan hasn't even gotten started yet! Japan has about the same population today as it did in 1990. The current population of 123.5 million is only down slightly from the peak of 128 million reached in 2009, but the pace will accelerate from here.
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It's a bad investment in Japan because their zoning system makes it very easy to build new houses. Indeed building new houses is a cultural norm, and houses are considered temporary occupiers of land rather than permanent features. Buy an old house? Chances are you'll knock it down and replace it.
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