It's worth noting that some ~85% of apartments in Manhattan are coop not condos where this often wouldn't happen. Developers like condos because they can sell to anyone. Buying in an established building means meeting whatever requirements the coop board sets. This can vary from the easy to the onerous.
What side effect is that I would posit that coop owner-occupancy rates are much, much higher.
Coop boards tend to have heavy restrictions on subletting too, which admittedly is more of an issue to lower income earners than the megawealthy (that seem to be the "culprits" for vacant luxury condos).
Personally I'd find it eerie living in a large apartment tower and never seeing any other residents. Lonely is right.
I live in a coop in Manhattan and I would guess at least 30% of the building doesn't live here full time or they are just holding on to the property until we surpass 2008 real estate values (from checking streeteasy and the previous sale price/ask price today). Also this isn't a super luxury place.
What side effect is that I would posit that coop owner-occupancy rates are much, much higher.
Coop boards tend to have heavy restrictions on subletting too, which admittedly is more of an issue to lower income earners than the megawealthy (that seem to be the "culprits" for vacant luxury condos).
Personally I'd find it eerie living in a large apartment tower and never seeing any other residents. Lonely is right.