So, I've also been told that rich Chinese people were buying up condos and letting them sit empty.

That's the thing, though, I kinda don't believe it. I mean, sure, people from China buying US real estate; I can totally believe that one (and that would increase demand and thus put upwards pressure on sale prices)

The part I have a hard time swallowing is the idea that they'd let them sit empty. The real estate agent they bought from would be super happy to hook them up with a full service property mangement company that could deal with renting the things out; I'm sure said agent could (for a hefty cut, of course) set it up so the owner need not be bothered at all.

I mean... I guess there could be something I'm missing, but the idea of people buying up some of the most valuable realestate in the world and then letting it sit empty (and supposedly paying somene to come by and check on it, etc...) just seems really unlikely vs. buying and renting it out.