People don’t hold land to just wait it out. The holding costs are high and there is really only one time when this works well (when a city is expanding and you

People don’t hold land to just wait it out. The holding costs are high and there is really only one time when this works well (when a city is expanding and you get some land in that path). When you own land, you have taxes, insurance, mortgage perhaps, upkeep etc. Easier to invest in stocks. Anyhow, you have land with the idea that when the conditions warrant you can develop. Hopefully soon. But conditions may not develop quickly and you have to bear high holding costs.