The Cabinet has approved a reform to the apartment redevelopment law which will lower the voting ratio required before an apartment building and land can be sold. Previously, 100% of apartment owners had to be in agreement before the building and land could be sold, but the revision will reduce this ratio to 80%. 

It is hoped that the loosening of the regulations will encourage the demolition and redevelopment of ageing buildings and reduce the number of buildings at risk of collapse in an earthquake. It could also open up opportunities for developers to re-purpose the use of the land from residential to commercial.

The decision will be submitted to the ordinary session of the Diet in mid-March and could be enacted within 6 months.

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