True. I used to have this analysis: It must be untrue that many rich people own unoccupied houses. They are forgoing tremendous cash flow. Why would they do that?
Then I encountered a senior lawyer. They earned in a month what a person on an average wage gets in a year. They were running out of places to put money and some of it went into property, as a "stash". They had not much thought of "return". The high pressure hose pipe of cash they were receiving swamped that.
Being a lawyer they would have no illusions about the morality and ethics of the "financial advisor" system, so would not use it. Hence leaving money lying around, in houses. Tenants were just another bother and the financial return of tenants when compared to the cash income....
It happens. Rich people by housing ad leave it empty.
Astonishingly high land taxes on empty houses in shortage areas is the only solution I can see
Then I encountered a senior lawyer. They earned in a month what a person on an average wage gets in a year. They were running out of places to put money and some of it went into property, as a "stash". They had not much thought of "return". The high pressure hose pipe of cash they were receiving swamped that.
Being a lawyer they would have no illusions about the morality and ethics of the "financial advisor" system, so would not use it. Hence leaving money lying around, in houses. Tenants were just another bother and the financial return of tenants when compared to the cash income....
It happens. Rich people by housing ad leave it empty.
Astonishingly high land taxes on empty houses in shortage areas is the only solution I can see