They’d rather leave them empty than rent lower to common (non-white collar) workers.
Socialism caused a lot of that. Especially Silicon Valley funny money inflating local demand.
Meanwhile, new-build units are sold at silly tulip bulb prices to the Chinese, as deposit boxes with a door. The banks are playing the foreclosure scam with desperate foreigners, who aren’t protected by US law as non-citizens.
Globalism caused that. Thanks, libertarian “globalization”*! Treason always comes with a free side of money laundering.
[The banks need to borrow against ‘real’ assets, the ‘real’ in ‘real’ estate.]
*It isn’t free trade at all when one country is cheating with labour slavery. This is de-nationalization, a nation slowly dies. Like Jenga, China is removing your lowest blocks first. Who do you need in a war, manual labour or pen-pushers?
The police, like teachers, believe in the magical pensions. It’s supposed to be earned on the basis of the people they oppress, their sweat, not their blood. You couldn’t treat the enemy like this in a war. The banks should be up on genocide charges and international warfare via the monetary corruption.