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The New Phase of Japan's Land, Housing, and Pollution Problems

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  • Yozo Watanabe

Abstract

I had an opportunity to see an American advertisement for a condominium recently, which stated, "Wouldn't you buy a dream of owning a condominium in Manhattan for $200,000?" Articles appear in sports newspapers describing Japanese "singer such and such or TV star so and so in their own condominiums in New York City." From a Tokyo point of view, however, dreams in Manhattan are simply inexpensive. The price of the total land area in the entire United States, which is twenty-five times larger than that of Japan, is 403 trillion yen, and this is approximately the price of land in the twenty-three wards of Tokyo (as of 1987). This means that the land value of Tokyo's twenty-three wards can purchase the entire United States; the price of Chiyoda Ward alone can purchase the whole of Canada. The land price in Japan is almost a hundred times higher than that in the United States.

Suggested Citation

  • Yozo Watanabe, 1992. "The New Phase of Japan's Land, Housing, and Pollution Problems," Japanese Economy, Taylor & Francis Journals, vol. 20(4), pages 30-68.
    • Handle: RePEc:mes:jpneco:v:20:y:1992:i:4:p:30-68
    DOI: 10.2753/JES1097-203X200430
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