My impression was always that the main attraction of wealthy foreigners was the increased tax take. The higher rents could be solved by encouraging more housing construction, but why do that when you can just blame foreigners?
I wouldn't be surprised if similar things were happening in Lisbon.
So while you're absolutely right the problems can be solved by encouraging more housing construction, the solution is eroded when the developers themselves don't play along and aren't building a product that is relevant to locals.
After Vancouver added its various speculation taxes, Westbank closed its sales offices abroad and even went so far to go back to the city and have them go through a re-rezoning of projects already approved to change them from luxury condos to purpose built rentals.
The cities are fucked regardless with that level of incompetency.
Imagine your startup's problem is having too much money, and your CEO decides to fire the paying customers because it is too much money.
It is more like Portugal doesn't collect tax.
> taxing the sh*t out of airbnbs and empty property is one solution.
Let's not downplay it.
It is a much more superior solution.
The core of the issue is likely supply driven in most places - It makes no sense for an apartment that costs 300k to build to cost 500k-1m unless supply is constricted.
We should accommodate anyone who is willing to bring in the money.
There are tons of other better solutions. For example, why don't they just tax the shit out of Airbnb?
The "we earn too much money" problem is just straight up odd.