Even if it doesn't take out the whole city because no one can afford to live there, the people governing the city have a duty to represent the interests of the

Even if it doesn't take out the whole city because no one can afford to live there, the people governing the city have a duty to represent the interests of the people who live there. Generally (well, tautologically), people are interested in living in desirable areas. What is the benefit to the citizens of the city of allowing homes in those areas to be used as investment vehicles for wealthy foreigners? Why should they care at all about the interests of people who aren't going to live there? Prioritize people who actually live there and if some billionaire who lives somewhere else absolutely must have a pied-a-terre, they can pay 20% or 50% or however much of the value of the home each year for the privilege.