[eecsninja]

The data you linked is for the entire Tokyo metropolitan area. The trend is that people are moving out of rural areas and into the urban core. It would be more appropriate to look at the central part of Tokyo, the 23 wards (former city of Tokyo): http://www.newgeography.com/content/002923-the-evolving-urba...

From 1990 to 2010 (latest year in data), the population grew 9.6%.

In the same time period, SF's population grew 11.3%: http://worldpopulationreview.com/us-counties/ca/san-francisc...

Not a big difference if you ask me. Yet SF prices have skyrocketed.

Tokyo may require citizenship to buy, but that doesn't mean foreigners can't rent. Rent prices in central Tokyo often start at around $1500/month, which is a lot less than that of SF bay area suburbs.