70% der neu gebauten Hochhaus-Wohngebäude sind frei

Higher real estate tax for non residents 

Stop the yen depreciation. They’ll stop buying once it gets expensive for their own wallets 

Make property tax a function of:
– inverse to local population density (i.e. countryside would be cheap, cities would be expensive);
– whether the owner is resident in Japan (non-resident-owned properties get a higher tax rate), and it’s the ultimate shareholders of companies that count for this (so a Japanese company owned by non-resident people would still count as non-resident);
– cheaper for primary residence, average for holiday homes, higher for rental properties;
– higher for corporate ownership vs private ownership;
– property tax scales with the number of properties owned (including in a group of companies!).

So a home in the countryside would attract very little property tax, whereas a rental property in the heart of the city owned by a non-resident corporation would get a high property tax.