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Good. Sorry to every mom and pop who treated housing like an investment, but at least you still have the house. Hope they slash the market 90%. Hope everyone who's been waiting for a decade gets a place to live. Hope opportunistic landlords choke and go bust when they can't pay three mortgages on their tenants' salaries anymore. Housing is a human right.
It's definitely not going to slash it 90% to do that you'd have to make moves to guarantee houses are always losing value, much in the same way cars do, so that you have a thriving used house market for people that can't afford, or don't care, to buy new.
That means either implementing the construction of houses with materials that have a short life, or forcing houses to be torn down after, let's say 50 years.
I'd prefer just getting rid of ownership of property, but i dont know if we are ready for that as a society.
This is basically how it is in Japan and why Tokyo is actually affordable to live in. https://youtu.be/d6ATBK3A_BY
Of course, this might not be implementable anywhere else.
"affordable"
Seems relatively affordable for a city considered to be one of the most economically important cities in the world.
Affordable, that's God damn cheap idk what salaries are in Tokyo but that sounds pretty good.
That's not the real reason housing in Tokyo remains affordable. The real reason is they allow developers to build enough housing to meet demand. Places that were small hamlets filled with single family homes 30 years ago are now very densely populated and filled with midrise apartment buildings. Good luck trying to get anything like that built anywhere in America, or most of the western world.