That’s a cost of $1 million per home. Were they hoping to flip them?
Try another state. They could build their own city of 50,000 homes from scratch in the midwest. Or just buy up all those vacant high-rises (I hear they are leaving 300,000 sq ft that owner might want to sell) at a 90% discount and convert them to multi-tenant housing.
It was only 4,000 homes. There were also plans to build office buildings, hotels, retail space, etc.