Japan's condos deteriorating incurs high costs.

Kenichi Tanabe knows his building is dying. The Yokohama condo he owns is in slow-motion collapse—its foundation cracked, fire alarm broken, drainage system always clogged. From the outside, the 51-year-old structure might look fine after a late 2010s facelift, but Tanabe, the condo’s management leader, is no fool. “I know it’s going to be unlivable at some point. I doubt it will last another 10 years.”

This isn’t just one building’s issue. Across Japan, countless aging condos are caught in a cycle of neglect, struggling finances, and an aging community. So, what happens when the cost of fixing a home exceeds its value? And when no one’s left to pay for it?

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