Though foreign homebuyers are a boost to the economy, large numbers of them come at the cost of depleting housing options for middle-class Americans, writes real estate analyst Dan Barnabic in MarketWatch.
“By allowing foreign buyers to buy American homes in large numbers, affordability of housing for American middle-class citizens is only going to further erode, eventually to the point of them not being able to afford homes in their own country,” Barnabic writes.
He argues that by allowing the U.S. housing market to be an exclusively domestic issue, prices will be more in line with affordability factors for local buyers.
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