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Honest question:
If they're bulldozing lodgings and putting up apartments instead of building new single family dwellings, isn't that helping the housing crisis by supplying higher density housing? Like you can house more people with less land?
They're ignoring supply and demand by keeping rents up in dense areas. That allows them to withstand empty units. Moreover, there are tools created to help them determine the right ratio of empty units to keep in order to maximize profit through reduction in management as well as maintaining an occupancy balance.
It's downright insipid.
https://www.seattletimes.com/business/real-estate/new-lawsuit-alleges-price-fixing-at-seattle-area-apartment-buildings/
If it is more "effective" to keep hi rents and hi vacancy, then it is a strong indicator that the market is fixed
Capitalism will do that