For this episode, we take a trip to Tokyo to learn from the successes and shortcomings of Japanese housing policy. Known for high rates of production — Tokyo builds five times more housing than California, per capita — and relatively affordable housing, Japan also struggles with poor maintenance and rapid degradation of its buildings. Professor Jiro Yoshida of Pennsylvania State University and the University of Tokyo joins us to talk about the unique demographic, economic, and geographic conditions that led to Japan’s current housing context, and the underrecognized influence of depreciation and tax policy in the choices we make about where and how to live.