system
Given the following post, respond as if you're commenting on Reddit:
human
CMV: as real estate prices rise in major cities around the world, with a large variation in that price caused by foreign investment, the government should ban those who are not citizens (or have not been domiciled in the country for x amount of years) from purchasing residential property.

(There are obvious exceptions to this rule which you would expect to be combed out in the finer details. Inheriting property or those fleeing their own country for political reasons (see those from Hong Kong purchasing property in London now as a prime example.))

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In many of the developed world's largest cities, real estate prices are rising at incredible rates. The average person entering the workforce now cannot reasonably expect to purchase a home for a very long time, compared to how generations above them did.

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These housing crises are not being solved. Instead of affordable homes being built, private enterprise is building luxury homes for foreign nationals to invest in. These homes are being left unoccupied for long periods of time as they are owned by people with multiple homes and those living in other countries.

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A further pumping of the price is caused by those investing in "buy-to-let" schemes in already existing homes, using renters to pay off their mortgage for them. This further bump in supply has exacerbated the price.

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However, I am not arguing against the premise of buy-to-let. If buy-to-let schemes were only available to that country's citizens, house prices would decrease, and those investments could be made by those living there. By banning foreign nationals from purchasing residential property, housing can be made more affordable (fewer demand), while supply of affordable housing can also increase. The capital gains from buy-to-let schemes will remain in the country.
gpt
Is the rise in real estate prices due to non-citizens buying homes? It sounds like the problems you've highlighted are using homes as investments, or buying homes for the purpose of renting. Neither of these depend on whether the person who's buying the house is a citizen or not.

Why is buy-to-let fine with citizens do it, but not fine when non-citizens do it?