Key facts
- Tokyo plans to relax zoning rules in Shibuya.
- Incentives will be offered to developers who build rental apartments.
- Developers must rent apartments at approximately 80% of market rates.
- The initiative aims to address rising rents.
- The goal is to improve housing options for families.
Tokyo is proposing a significant zoning rule change in the Shibuya district to foster the creation of more affordable housing options. The initiative centers on offering developers incentives, specifically in the form of relaxed floor-area ratio restrictions. These incentives are contingent upon developers agreeing to rent newly constructed apartments at approximately 80% of prevailing market rates. The primary objective of this policy is to address the escalating rental costs that have become a growing concern in Shibuya and to enhance the availability of suitable housing for families. By making rental properties more accessible, Tokyo hopes to create a more balanced housing market within one of its most sought-after urban areas. The proposed changes are expected to encourage a greater supply of rental units that are within reach for a broader segment of the population, potentially alleviating some of the financial pressure on residents and making Shibuya a more inclusive place to live.