Tokyo eyes more affordable housing in Shibuya with zoning rule change

Property

Floor area ratio limits to be relaxed for developers that build low-rent apartments

Condominium rents in central Tokyo rose about 8% on the year this May. (Photo by Sae Kamae)

DAISHI ABE and YUKA FURUBAYASHI

TOKYO — The development of affordable housing units in central Tokyo is set to grow alongside major redevelopment projects in Shibuya and elsewhere as the government offers zoning incentives to developers that also build apartments with rents around 20% below market rates.