Any outside money that buys property and does not live in the area prevents people who live and work there from having homes. This means the locals eventually

Any outside money that buys property and does not live in the area prevents people who live and work there from having homes. This means the locals eventually leave, businesses close and the community suffers. A huge issue in Vancouver is the lack of rental units. When a significant amount of property is owned - but not lived in this creates significant community debt. Same thing happened to my community - we became a vacation community for a neighboring province, which in turn has left homes empty on my street for 9 months of the year. Local business cannot survive when a large bulk of the residents only live and buy 3 months out of the year. I saw my home price triple - sounds great, but so did all the homes that I would want to purchase (after selling mine for a huge profit) - so to me, zero benefit. My friends who did have them means to buy 10 years ago...now they will never be able to purchase. Nor can they find a home to rent as there is a huge rental void.