Vacancy doesn’t mean units held empty as either a parking place for cash or held off the market. Vacancy happens when you’re painting and repairing between rentals. Vacancy happens when there’s a renovation. Things like that are normal and not nefarious. Have 1.4% vacancy rate means there is essentially no usable housing for rent.

I was talking about the myth that there are tons of apartments held by rich people who don’t use them for anything.