Not quite. From what I've been able to gather, housing in the postwar era was made fast and cheap to ensure everyone could have a place in the immediate aftermath of the devastation. Then, in the sixties, they came up with better building standards, more regulations, and evaluated the lifespan of typical housing. I don't remember the exact number, but they determined a conservative lifespan to be like 20-30 years. With this in mind, they started to constantly update building codes to make new construction safer and more resilient to natural disasters. So, what would end up happening is old homes stay cheap because not many people want to buy at the end of its life, and it's less expensive to build new to modern standards than rehabbing an old home. Side note: recently the old estimated lifespan was re-evaluated and they determined that housing lasts, again I don't remember the exact number, closer to 50 years.

Now, while all this is happening they have a different relationship to zoning than, say, America. What's in America? It's mostly single use zoning. They have a lot more mixed use zoning that allows for building housing where it would be illegal in America like commercial zones or light industrial zones. Side note: America used to build like that too until suburbs were invented and pushed as THE solution to housing people in our postwar era. Think of the older parts of towns with stores on the ground level and housing being 1-4 floors above them. With this freedom to build, they have built way more housing than is actually needed and in places people want to live.

The last point, which was already mentioned above, is that they don't view housing as an investment. It's a place where you raise your family, you store your belongings, and sleep. You don't buy a home with the idea of selling it to make a ton of money in a few years or even decades. With that, there's no incentive to buy up housing and leave it sitting empty for the right time to maximize the investment. It's sort of like we view cars. Cars don't typically increase in value, and the ones that do it's because they're rare, beautiful, or historic. MFers are out here trying to sell the housing equivalent of an '80s Ford Fiesta at 2024 fully loaded Toyota Camry or even Mercedes S Class prices.

Summary: Housing has a shorter lifespan, can be built almost anywhere through more mixed zoning, and it isn't an investment, it's just a place to live.