Nobody builds new apartments in order to leave them empty, that's a terrible use of capital (exception: extremely luxurious flats). Speculative investments in r

Nobody builds new apartments in order to leave them empty, that's a terrible use of capital (exception: extremely luxurious flats). Speculative investments in real estate are usually old/desolate buildings, where it's worth it to wait until the last renter leaves/dies in order to sell or tear down the whole building. I know that's how things are here in Vienna, I don't see why things would be any different in Paris, where there are very similar problems (old city, strict laws for tenant protection, influx of migrants, investments increasing prices since the 2008 crisis, complaints about empty flats).