Lax zoning regulations, relatively cheap labor, low cost of materials, and depreciating home values incentivize building new real estate. That is what separates Tokyo from New York City.
There's also (relatively) strong renter protections, including effectively frozen rent.
Yes, it's possible to increase rent, but only if the surrounding areas prices have increased, and even then the renter has to agree or it otherwise goes to court and the court tends to not side with landlords.
> and depreciating home values incentivize building new real estate
Yes and no. Most housing in Tokyo is apartment complexes and/or condos, which do not depreciate very much (and in fact in the past few years have appreciated by ~30%). Standalone houses depreciate, but the land appreciates. That leads to new construction for those properties, which often then turn into apartment complexes.
Basically, it's a matter of mostly becoming more dense over time, while also restricting price increases of rents.
I don't think it's any of that. Or at least those sre all second order efdects.
It's a much more conformist, homogenized culture so there's less resistance in implementing policy on general.
Also, housing isn't an "asset" the way it is in the US. You simply don't place as much value on your house over there, so there's less resistance to renovating or outright demolishing houses every few decades. Americans would instead see money going down the drain.
