It hurts the domestic home buyer, though, who has to compete with inflated all-cash offers from these foreign investors.
> It hurts the domestic home buyer, though, who has to compete with inflated all-cash offers from these foreign investors.
is much more hurtful then the benefits provided by foreign buyers paying taxes. If you don't believe me, look at London. Actual workers are pushed out by money launderers (yes, that is what they are).
We can always build a new city.
In theory you're right, and they often do pay taxes, but there are many schemes where the foreign investors pay zero taxes. There's no incentive on the industry's part to showcase or investigate to what extent this occurs, but we know it's pretty prevalent.