Here's another good one.  While there is a massive shortage of affordable housing in every big city in the FSoA and Europe, at the same time there is a huge unsold inventory of luxury condos built for the filthy rich.

https://nypost.com/2021/08/05/nearly-half-of-luxury-units-empty-in-billionaires-row-buildings/

Nearly half of luxury units empty in seven Billionaires' Row buildings



The issue here is that RE developers vastly overestimate the number of filthy rich people there actually are and how many domiciles they really need.  Elon Musk, Bill Gates, Saudi Princes et al, they all already own several overpriced homes, they don't need any more of them.  Actually the big problem these folks have these days is they can't unload properties they want to sell anywhere near the asking price.  They sit unsold for years.  They can't drop the prices because the write downs would collapse the banks that handed out the mortgages.

Someday the Walking Dead of NY Shitty may be squatting in these buildings, if they can climb the flights of stairs and do without running water and ventilation.

Of course they can't be repurposed for low income housing, because again this would force write down on the properties.  On the bank balance ssheet though, it shows as an asset, but it is completely illiquid.  No buyers.

RE