Los Angeles has millions of people, so what we should be looking at is the vacancy rate, which is very low at about 3%: https://therealdeal.com/la/2022/02/09/study-confirms-market-heat-pinch-on-apartm...
The higher the vacancy rate, the lower rents and homelessness typically are: https://www.sightline.org/2022/03/16/homelessness-is-a-housing-problem/
There is demand for a lot more housing in LA and other cities, which can only be met by building much more housing.
It still doesn't make sense to have an empty unit, because there are plenty of high paying tenants in a supply constrained market.
