This may be slightly off topic :). But I think I see this happen in other places beyond just housing, and maybe the timeline varies, but at the end of the day, company X puts a bunch of money into building an attractive place to attract consumers Y, however on top of that, they are also looking to make money, so once the initial investment goes in, the hope is that you don't have to invest (as much) to maintain, but ultimately entropy sneaks in, and the things that once made something amazing break down, and if a owner didn't pull in as much as they hoped going into it, (plus let's be honest if the first two years, let's say, you didn't have to do any repairs, it's definitely a struggle to be like....yes let's fix that expensive thing immediately, inaction is much easier, and it is hard to see the effect immediately.).At some point the attractiveness has worn off so much, they have to rename/remodel to get new consumers in the door. Now of course this article doesn't mention going back to prior places to live. I wonder if they have ever returned to a place that....didn't remodel, but that they felt still was nice upon return for 2 years, I think that might indicate other issues.

In my mind I'm thinking about gyms,now they will look shiny and new for a few years and then just get rundown, even though they pulled in regular recurring payments from members.