What fallacy does the statement about waiting for more people to move in exemplify?

The statement about waiting for more people to move in exemplifies the Appeal to Ignorance fallacy because it relies on a lack of evidence as justification for a decision. In this case, it suggests that the absence of people moving in implies that it is not a good time to make a move or investment, which is flawed reasoning.

This kind of fallacy occurs when an argument is made based on the assumption that something is true simply because it has not been proven false or vice versa. In the context of waiting for more people to move in, the logic is that one should hold off on action due to insufficient activity or information, rather than evaluating the situation based on relevant evidence or facts that might suggest a different conclusion.

This reasoning does not take into account other factors, such as the location's desirability or market trends that might indicate a growth opportunity. It inadvertently hinges on the lack of movement as a definitive indication rather than embracing a broader view that includes other evidential elements.