Ding ding ding

The same is done with commercial property too. Holding out (or more correctly, withholding a property entirely) vacant for X months is more profitable overall as it keeps the supply low for office/light industrial space, driving the same demand to fewer units until ✨ a newly renovated unit ✨ is available on the market.

Until X months inoccupancy exceeds the profit of Y units generating Z extracted profit each, they come out ahead. And not even ‘we covered the mortgage and local tax’ ahead of break even, but the potential earnings if all were listed and rented.

They literally make more money keeping housing vacant. And that needs to change.