Nobody actually lives there

It's just a bunch of big towers of money.

The study found that more than half of the 51 condos at the Mandarin Oriental on Boylston Street are owned by trusts — a mechanism sometimes used by investors but also sometimes used by owner-occupants for legal or liability reasons.

Meanwhile, barely one in five residents at Millennium Tower claim the residential exemption — suggesting those units may be either second homes or rental properties.

Many units in these buildings were bought with cash, property records show, and the institute said the average sale price across all 12 developments topped $3 million per unit.

Thousands more condos priced in the seven figures are under construction or are being planned in and around downtown — extreme examples, advocates say, of so much of the housing cropping up in city neighborhoods, properties priced beyond the reach of most middle-class residents.

“We have these glaring wealth gaps in our city, and we’re adding thousands of units for uber-rich people,” Collins said. “The question becomes, who is Boston for?”

Sounds familiar, right?  So familiar it is practically boring now.  I know we've been talking about this problem in New Orleans for years and years.  But we really noticed the parked money problem kick into high gear more recently.  All part of the natural progression, though.  Too bad nobody who can do anything about this stuff cares to.