I read today that Fortress Investments purchased over 100,000 affordable units from the Japanese government for 60bn JPY in 2017 and plans to spend about as much on renovation. [1] Apparently firms like this usually expect an 18% return on these kinds of investments.
Yes and if all of its housing tilts this way, Japan too will spiral into unaffordability. But most families still live in single family homes that depreciate in value over time.