I can't wrap my head around the economics of it either. Several airports near-ish to me. Seems like plenty of open land to build....and based on the waiting list there's plenty of demand.
I don't think any of them are set up to sell hangars...all are rental situations
and if these airports were in business it sure seems like they would be able to see the opportunity to increase revenue easily.
Myabe I just don't understand the supply and demand concept
They do seem to be more focused on tearing down the small rattle-trap t-hangers in favor of larger hangars so there is some sort of business focus in their logic I suppose, but man...seems like you can fill a lot more if you build something for us little guys...
I've always imagined that while a shade hangar wouldn't allow me to set up a man cave with sofa and beer fridge, it would be way better than open tie-downs.... and I would think that I should be able to put a dock box in it to store supplies....