Historically, there are countless examples both in Japan and abroad where innovative enterprises and entrepreneurs started new businesses by combining available technology and resources, which created demand, and as a result enriched the overall economy.
The introduction of a universal property tax (or at least a credible plan to do so) and the abolishment of the tax incentive could have had a suppressing impact on property prices. Indeed, according to OECD research, reduction of tax deductions related to mortgage financing costs can reduce house price volatility.