I see this a lot too around here. There's way too many new houses going up, and the people who construct them can't fill them, so they're all hanging around waiting for people to come by. Now a lot of university students are moving in, so they will fill some of them, but whatever's left after that will drop at least 30% in the fall.

The government is also supporting it as they're incentivizing the destruction of old properties for newer ones, and then moving all of the residents who can't afford houses for twice or three times the price of their previous ones to the outskirts of the city.