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<I think the very best example is Japan. Housing prices still down about 40% or so from peak. At best, land is very scarce there. No long has ever given a decent explanation about Japan.>Japan doesn't have massive immigration like the U.S.
Japan still (even with a 15 years RE down) 200-500% more expensive than USA on a price per Sq. foot basis.
Not compared to manhattan, or San Fran with a simmilar square mile geographic,but then again Dayton ohio should be compared to Japan right after the war,, before we poured millions and billions into it, after we leveled it,,,,,,,,,,HHHHMMMMm