No, these buildings are completely full. The average vacancy for the apartment buildings in my neighborhood is less than 1%. Also, you're ignoring the bit about

No, these buildings are completely full. The average vacancy for the apartment buildings in my neighborhood is less than 1%. Also, you're ignoring the bit about the waitlists... See also LAT article on this phenomenon, but across the metro area as a whole. https://www.latimes.com/business/story/2022-05-17/california-housing-market-rental-vacancies?fbclid=IwAR366z279FE2r1_QVdf38gjYRBIiBu_RtLHevwIpDYc7c_9q9LJ01U0gz-M https://www.latimes.com/business/story/2022-05-17/california...