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Enoan t1_iy4sex5 wrote

2 main factors:

1: supply/demand. Even a small apartment in a city is a pretty decent place to live due to proximity to all the city services.

2: real estate investment. Large investment groups purchase land as an investment. If they rent it out then there are many limits on how the property can be handled, modified, or sold due to renters protections. These limitations do not apply if kept empty. With the growth of services for short term rentals it has become practical to keep properties empty to take advantage of the greater liquidity and use short term rentals to help make up the difference.