If you are operating in a market that hasn't been too distorted by taxes and regulations, there are strong economic incentives to use all resources. Vacant prop

If you are operating in a market that hasn't been too distorted by taxes and regulations, there are strong economic incentives to use all resources. Vacant properties are a straight liability, better to rent them out. If the owner is sitting on an unused property waiting for appreciation, they are taking on risk. If everyone already magically knew the future price would be much higher, then current prices would already converge to that amount (discounted to NPV) and the owner could sell now or later.