New York City Real Estate Looks Like London Real Estate

London is full of luxury apartments that are seldom occupied.  One third of the luxury apartments in Manhattan are also seldom occupied.  Miami real estate is also similar.  Luxury real estate in these markets has become a place to park money discretely and with little concern about a fall in value.  The sale of existing real estate does little for the economy.  In fact, its bad for the economy because if the money were owned by less wealthy individuals it would be spent on goods and services that grow the economy.