Of course it's an absurd analogy, there would not be much value if there is no underlying property you can make use of. But I think it illustrates the point wel

Of course it's an absurd analogy, there would not be much value if there is no underlying property you can make use of. But I think it illustrates the point well: if the high prices were caused by absent foreign investors, 101 would not be jammed. More realistically, investors rent out the properties they buy. So a market with tons of foreign investors spending irrationally would have an undersupply of homes to buy and corresponding oversupply of homes for rent. Renters would get a great deal and buyers would get bad ROI.