[SamuelAdams]

Here's how I've had this explained before. You see the same thing in California with their real estate market. Buying property in these markets is a foolproof investment. Even if it sits empty for 2-5 years, you will still make money.

Therefore, renting it out is a secondary concern. You could rent it out, but that comes with all sorts of liabilities - what if tenants damage your property, stop paying, claim squatter's rights, infest the property with bedbugs, etc. There's a number of things that could go wrong with renting, and many landlords rarely make much profit on rental units.

So for these millionaires and billionaires it's easier to simply not rent them out at all.