Housing is extremely expensive in China as well. It’s one of the main barriers to Chinese yuppies having the three kids their government wants them to.
Isn't China having a real estate overproduction crisis right now? There can be different problems in different places, I mean, it's a big country, but that's mostly the opposite problem.
The hukou system also can't help - you can stop immigration to an expensive city but presumably you also stop emigration to a cheaper one.
