In a country with a declining population, you would expect that fewer homes are being built per capita because there's little to no competition for existing homes. But it's exactly the opposite! Japan builds far more homes per capita than the US does, despite their declining population. That should really make you stop and think what's going on here.
I don't really get your point about "building new homes" vs "replacing existing homes". Like, if I build a new townhouse in Osaka and then someone in the country side demolishes an older home, then mine doesn't count as new? I think you're just saying that anywhere with a declining population can't "build new homes".
In a country with a declining population, you would expect that fewer homes are being built per capita because there's little to no competition for existing homes. But it's exactly the opposite! Japan builds far more homes per capita than the US does, despite their declining population. That should really make you stop and think what's going on here.
I don't really get your point about "building new homes" vs "replacing existing homes". Like, if I build a new townhouse in Osaka and then someone in the country side demolishes an older home, then mine doesn't count as new? I think you're just saying that anywhere with a declining population can't "build new homes".