The idea that there is a "vacancy myth", is proposed only by people who don't live in major cities with tons of empty apartments. For the rest of us, it's quite clearly a reality.

They started building condos here and the lowest rent was $3000. They sat empty for 4 years before someone paid that. Another new unit has rent at $4000/mo and it's been empty for two years, but someone will pay that this summer. They'd be full tomorrow if they were charging what I pay my landlord.