I suspect the "vacation" homes on Manhattan are really mostly empty luxury units for foreign rich people to park money in the US. "Billionaires Row" near Central Park is half empty for just this reason.
It’s not really “parking” wealth since property taxes are still collected every year on these properties, which fund other city programs, unlike other asset classes like stocks and crypto.
Presumably if the residents don’t even live there, then they are massive net contributors to the tax base
A lot of vacation towns have pretty good school systems thanks to the fact that many of the people who pay the real estate tax don't send their kids to the schools.
Well, crypto "leaks" too, to things like power companies and GPU manufacturers. That's made up for in growth of the value of the idle asset.
The value, though, relies on the idea that some time in the future the asset can be used as something more than an asset to sit on - e.g, people could live there. Currently though, it's unused for that so I think it's fair to call it idle.
