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One persistent thing in the housing discourse that mystifies me is the way it's an article of faith for some people that there are colossal numbers of totally vacant investment properties sitting around in cities. This is demonstrably not true. https://www.planetizen.com/blogs/104150-do-you-believe-ghost-apartments (1/4)
Sure, people are motivated to believe this because it confirms their priors, but lots of false claims would theoretically confirm people's priors. Why is this particular belief so sticky and impervious to actual data? (2/4)
Like, I've had social-media exchanges with people where I presented local vacancy data, and I was simply dismissed with a "Nah, those luxury condos are mostly empty. I've seen it with my own eyes!" (3/4)
A misunderstanding of why vacancies are high in literally just-completed new buildings is part of it, but the broader belief seems to be less misconception and more persistent article of faith passed around within certain political circles. (4/4)
