The properties may not be being rented. Due to data that showed a notable amount of vacant properties Vancouver, another area with high amounts of foreign capit

The properties may not be being rented. Due to data that showed a notable amount of vacant properties Vancouver, another area with high amounts of foreign capital infusion enacted a vacant property tax. Even if these properties are being rented out, persons with foreign capital buying power that exceeds that of locals have a distortionary and, from the point of view of a local, a negative impact on the real estate market, as they are able to out compete locals and bid up the price of housing. A person which may have normally been able to buy a home can no longer buy, and now has to devote more of their income to renting from a foreigner. Why would any local support this state of affairs? At a high level "skin in the game" means involvement and having some commitment. That can mean monetary involvement or otherwise and I'd use the broader definition. An absentee foreign buyer has tenuous involvement in a city beyond the impact of their foreign capital. Sure they've risked their capital on an investment, but from a locals point of view they have no real personal stake in the community.