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According to the New York Times, as Japan’s population shrinks, more than 10 million abandoned properties are available for as little as $25,000.


  1. What is the Japanese word for “empty house”?
  2. What is the quantitative forecast of “empty houses” in Japan by 2033?
  3. Explain why the empty housing situation has not impacted urban markets.
  4. What are the problems with renovating Japanese houses?
  5. What are the tax problems associated with the empty houses?


Hornyak, T. (2023). Japan Has Millions of Empty Houses. Want to Buy One for $25,000? The New York Times, April 19 (Retrievable online at