I live in the (relatively affordable) part of the “hills” in LA, and there are a LOT of houses (single family and some multi-family, not apartments) sitting uno

I live in the (relatively affordable) part of the “hills” in LA, and there are a LOT of houses (single family and some multi-family, not apartments) sitting unoccupied, prices not moving. I’m talking 1+ year on the market. The managing real estate agents do some Zillow dance moves from what I can tell to obfuscate how slow the market is, and avoid lowering the prices significantly, even to 2021ish levels. This indicates some broken market dynamics to me. Entities with more capital are having property sit unoccupied, decaying slowly, paying property taxes, because they are betting their self-interested reward for doing so outweighs the risk. I realize this doesn’t generalize to the entire housing stock, but it sure seems vulgar to me.