Empty luxury real estate

"New York's luxury real-estate market has been in freefall for years, and now the city's super-luxe buildings are sitting empty -- even as property prices in the city remain stubbornly high, prompting 300 New Yorkers to move out of the city every day, and filling the homeless shelters to capacity and beyond."

Sound familiar? This is from an article "Manhattan: a city of empty luxury condos and overflowing homeless shelters," in Boing Boing. It reminds me of that ugly big banner that was hanging from the Park Grove towers here in the Grove. Remember? We had that removed real fast. They build them, then worry about filling them later, but they sit empty.

The Boing Boing article goes on to talk about lack of affordable housing, which would make more sense than building luxury high rises which sit empty.