On December 11, the opposition Democratic Party for the People independently submitted a bill to the House of Representatives that would impose a tax on the owners of homes and apartments that are vacant. This is in response to growing concerns over speculative investment causing housing affordability issues in Japan’s major cities.
The proposal would allow municipalities to levy taxes on owners of unoccupied housing in urban cities, such as Tokyo, and resort regions, with the tax amount to be based on land values. It also includes a higher income tax and corporate tax rate to be charged on properties sold within two years of purchase.