Seems like it’s clearly money left on the table. Perhaps someone is rich enough that they don’t care, but that seems odd. Residences have something of a P/E ra

Seems like it’s clearly money left on the table. Perhaps someone is rich enough that they don’t care, but that seems odd. Residences have something of a P/E ratio: market rent vs cost of the property. Perhaps the foregone rents are a drop in the ocean, but I don’t think so. If it’s a question of luxury – the desire to have one’s own place even if it lies fallow – well, someone would have to be very idle rich to allow that to happen. Certainly there are high-end brokers who could host parties, or special visitors, in such places.