Real estate is baby boomers and older millennials (as they inherited from their parents) "cryptocurrency" (as speculative asset). They HODL it to manufacture scarcity.
Just for reference, in a small city (40K people, 8 sq. km.) you can find 2K empty properties out of the market because it's more profitable to wait prices to raise.
Just for reference, in a small city (40K people, 8 sq. km.) you can find 2K empty properties out of the market because it's more profitable to wait prices to raise.