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1. Banks are being stingy with loans, meaning unless one is going to shell out big money from their own pockets, building such high rise buildings would be prohibitively expensive, especially with the unstable economic situation.
2. Maintenance/taxes are much higher for high rise buildings.
3. Given that the birth rate is rock bottom, do you really need the extra living space?
The above are the more important reasons, with various lesser ones including supposed mental problems associated with high rise buildings and such.
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