I'm speculating here but basically it's important to understand that vacancy is potentially one your largest expenses so be conservative with your rent.

If someone hasn't, then it's all speculation.

I want to solely blame corporate greed for these outcomes, but this is just my speculation and want to be informed on what’s really causing the housing market crisis. 

Based on what you've written, I'm guessing "no".2 - Assuming the answer to Q #1 is "no", what happens if the NY property stabilizes, and doesn't appreciate the way you are speculating?...

Thought I would be a millionaire playing the capital gains / speculation game.

I understand from their viewpoint that it would not make economical sense to buy a 10 or 20 acre parcel at a higher rate than what they got the 100+ acre parcel for.I can do all the research to find possible areas of future development, but I don't want to buy too small of a piece of land that might get built around rather than bought.So if you were a speculator and had a good idea where to buy land, what is the minimum acreage you would buy?

Typically, it's owner occupants and investors betting on appreciation (i.e. speculators). 

Inside of all the asset classes you have different strategies such as cash flow, appreciation, and speculation. 

The whole argument about investing vs. speculating is just pointless and I'll even say just stupid.

Their only positive benefit is the speculation on appreciation.