"Most of these new condos are and will remain empty for the near future. Those that are occupied will mostly be used by people driving out to the suburbs to go to work, where their owners will also do their eating, shopping, and playing."
Are you kidding me? I need some of that stuff you're smoking. People are buying condos downtown to drive to the burbs to work? I don't know too many people that do that. Many are moving from the burbs to downtown for the opposite reason. To end the commute from the burbs to their jobs downtown. As for most of the condos remaining empty for the near future, not going to happen. If the condo was bought for investment, you either rent it or lower your price until it sells. Either case results in a new person living downtown. Not too many investors can afford to keep their condos "empty". I can't and may have to take a loss on some sales. That's life. I wasnt crying when prices were going up and Im not going to cry now. Again, my sale(s) will result in another new happy face downtown.