In 1987, the Law for the Development of Comprehensive Resort Areas was passed by the Diet. It was the height of the so-called bubble economy, when land and stock prices were skyrocketing with no end in sight. The idea was to make the development of leisure facilities a national project. Developers and local governments were given financial incentives, and property laws were relaxed so that more holiday-oriented projects could be carried out. One of the outcomes of the law was the invention of the "resort mansion," condominium complexes that were built in areas where city folk could spend their vacations.
Many of these complexes were built near ski resorts because the late 1980s also saw a huge increase in winter sports activities. According to a recent report on TBS News, 18.6 million Japanese people took up skiing as a hobby in the late '80s. Today, the ski demographic has dwindled to an estimated 7 million enthusiasts, and there are a lot of condominiums vacant as a result.
To illustrate the situation, TBS visited the town of Yuzawa, which is next to the Naeba ski resort in Niigata prefecture, about 1 hour and 15 minutes from Tokyo by Shinkansen. (Naeba also happens to be the host of the annual Fuji Rock Festival in the summer.) Under the Resort Law, 58 condo buildings were constructed comprising 15,000 units. TBS doesn't say how many of these units are unoccupied year-round, but the prices have dropped so far in recent years that, as one resident said, "You can get one for less money than you'd pay for a car."