4 ms·

Here's an article on a similar topic in NYC. https://archive.ph/xKVMG https://archive.ph/xKVMG It doesn't go into a ton of detail but it shows it's very common

Here's an article on a similar topic in NYC. https://archive.ph/xKVMG https://archive.ph/xKVMG It doesn't go into a ton of detail but it shows it's very common. One reason is that there's a cost to renting a place out with maintenance and dealing with tenants. If you just let the place sit, it's an investment like the many paintings rich people own that they never see, it's just a place to park money for later.

MontyCarloHall 4y ago
That article specifically focuses on ultra-luxury properties (i.e. selling for >$10M). It is not generally true of most NYC apartments. The main example in the article, >the East Side bounded by Fifth and Park Avenues and East 49th and 70th Streets is literally the most expensive zip code in the US: https://www.nynesting.com/news/america-s-most-expensive-zip-code-manhattan-s-upper-east-side https://www.nynesting.com/news/america-s-most-expensive-zip-... Perhaps there is merit in taxing vacant $10M condo investment pieces, but it wouldn’t do anything to address housing shortages.