Anyone remember all of the abandoned/empty luxury homes dotting the eastside? I was in my early teens and lacking a drivers license, we'd ride our bikes around and explore the abandoned developments. Even after I was 16, the empty half built houses were a convenitent place to hang out with no parental supervision. These were nicer homes, 3500+ sq ft with 3 car garages left either half framed or finished with no residents. A few of my highschool buds lived in these neighborhoods, right next to empty homes that never seemed to be finished.
The same was true when I as 5-12 years old. The areas we'd play in had streets and foundations laid but no homes built. One spot I liked had been developed for lowrise condos. The foundations were poured, but by the time I saw them they were grassy fields filled with alder saplings sprouting out through the pavement. Some of the older kids had scavenged building materials to make skateboard ramps in the dark underground garages.
After seeing two down cycles, a third doesn't seem unlikely.