Empty overpriced apartments in Green Hills

Vertis Green Hills always seems half-empty. 48 units are advertised on Zillow currently. Now another developer has opened essentially a second Vertis (Rosette) next to the Bluebird Cafe. Those units are priced about the same and also seem to be moving very slowly. What is the logic here? How are all of these vacancies not translating into lower rents? Why are these developers continuing to choose to build overpriced “luxury” that sits vacant?