New AGF blog: Tokyo is the world's most affordable megacity--and they're still permitting homes at many times the pace of NYC, London, Paris Yet land prices are still very high! A 1-acre suburban home in Chiyoda would cost over $100M before you nail the first board Tokyo shows structures can be affordable if you stack enough of them on pricey land. It also shows that YIMBYism will not crash land markets or impoverish land-rich homeowners in attractive areas Tokyo also heightens the contradictions of the profit-focused version of the Homevoter Hypothesis: In the highest-demand neighborhoods of the US, the homevoters prioritizing "Boomer suburb vibes" are not just hurting renters, they're costing *themselves* billions of dollars of land value