Tokyo: The Big City Where Housing Is Still Affordable

Yuta Yamasaki and his wife moved from southern Japan to Tokyo a decade ago because job prospects were better in the big city. They now have three sons — ages 10, 8 and 6 — and they are looking for a larger place to live. But Mr. Yamasaki, who runs a gelato shop, and his wife, a child-care worker, aren’t planning to move far. They are confident they can find an affordable three-bedroom apartment in their own neighborhood.

As housing prices have soared in major cities across the United States and throughout much of the developed world, it has become normal for people to move away from the places with the strongest economies and best jobs because those places are unaffordable. Prosperous cities increasingly operate like private clubs, auctioning off a limited number of homes to the highest bidders.

Tokyo is different (See full article here).