The area I live in has homes that remain empty because the investor doesn't need the capital nor the space and just holds empty units for multiple years when they eventually sell (for even more than they would have sold in the past).
Housing demand will always be > 0 as long as population is growing and hence there can never be a oversupply.
Housing demand will always be > 0 as long as population is growing and hence there can never be a oversupply.