Here, here.
The Zimmerman Volk study a long time ago suggested that there was a need for mid-range rental space downtown. I'm going from memory, but I think there is a strong possibility the condo demand (with data, relating to GRDad's point, from when the state was at least above water in the toilet) was eaten up by a handful of early developments, River House and the several hundred converted apartment units.
Allowing that a lot of condos are now rentals, I'm guessing there might be a shortage of quality apartments downtown.
I also wonder if peopel might be souring on condo developments to some degree. I've heard some horror stories about association housing developments in the burbs.