The city of Kyoto plans to introduce a tax on empty houses and holiday homes to boost the property market amid an exodus of young people struggling to secure housing.
The new tax — the first of its kind in Japan, according to the city — will target around 13,000 to 15,000 unoccupied residences in the historic city, but will exclude traditional townhouses, known as machiya, that are popular among foreign tourists.
A draft ordinance to introduce the new tax was submitted Thursday to Kyoto Municipal Assembly. It is expected to be passed at a regular assembly session by the end of March.