This is false. Vacant lots don't appreciate nearly as much as constructed and occupied buildings. A vacant lot in a downtown district has a lot of development r

This is false. Vacant lots don't appreciate nearly as much as constructed and occupied buildings. A vacant lot in a downtown district has a lot of development risk associated with it. Look at how many years it takes to get plans approved and construction completed in a city like San Francisco or Manhattan. It's difficult to finance a project across that many years and you never really know what plans will get approved or how long it will take until you're well into the process. Look into the history of the LinkedIn building at 2nd and Howard for example (which was for many years a parking lot).