You're saying that they were unrealized gains, not losses. In some cases, building something that nobody will use is still a loss. It still cost money to build

You're saying that they were unrealized gains, not losses. In some cases, building something that nobody will use is still a loss. It still cost money to build a building, and if the one paying for that building doesn't recoup the cost the it's a lost. Beyond that, of course you're right. It's unrealized gains, not a loss.