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Some of the owners move their families over. But they often own more than one property, so the unused ones are completely vacant.
by cherls 12y ago
Some of the owners move their families over. But they often own more than one property, so the unused ones are completely vacant.
- peterjancelis 12y agoI still don't understand why they don't want the rent money on those properties.
- danans 12y agoIt's possible that they are so wealthy that their income from other sources far outswamps whatever rent they would accrue from the properties, so it's not worth the inconvenience of renting them out. Remember, many of these properties are purchased outright (no loan) and held as long term investments.
- eps 12y agoBecause they also flip these properties on regular basis (anywhere from 3 to 24 months) and it's significantly harder to do that with people living in.
- canekong 12y agoIt's an inside job thing. These people basically trade within themselves to prop up the property price.