While I agree with the general anti-car sentiment, we have expensive housing in less car-dependent areas as well (case in point: various cities in Europe), leading to a broad range of social issues. Hence, I have to disagree with this point in particular.
Tokyo of today. During the Japanese asset bubble that wasn't the case.
Also properties in Japan generally depreciate like cars because it's a seismic area and newer buildings are typically better equipped to deal with that, so it makes sense to tear it all down every 30 years or so.
