why ssh local forwarding of ssh traffic does not work?

I have a remote ssh server at remote.com. On my local host, I forward all the ssh traffic to it:

ssh -L 127.0.0.1:88:remote.com:22 

Now, when I do the following, ssh just hangs:

ssh user@127.0.0.1 -p 88

I thought traffic to 127.0.0.1:88 is forwarded to remote.com:22. Why does it hang?

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