Asian property markets’ supply constraints are a double-edged sword

Japanese Prime Minister Sanae Takaichi has her work cut out for her. Among the daunting challenges confronting her after winning a resounding victory in a parliamentary election on February 8, tackling the rising cost of living is at the top of her political to-do list. Mounting concerns about the dramatic rise in property prices in Tokyo and other large cities have proved fertile ground for scapegoating, with immigration figuring prominently in election campaigns. Last year, the average price...