I think there are several problems here: 1. While it's important to have private investment in property because this literally creates the housing units people

I think there are several problems here: 1. While it's important to have private investment in property because this literally creates the housing units people rent, there's simply too much speculation here. I like the Swiss model that is way more restrictive of who can invest (as in, someone can't come in and buy up all the land in Switzerland) and punishing to short term speculation; 2. Foreign "investment". Investment here is a euphemism. "Money laundering" is probably closer to the truth. Example: every US tax resident is required to declare all foreign assets (including being a signatory in a foreign company or trust) but... real estate is specifically excluded. Why? It's well known that in places like London, property is used to hide and park money by, for example, Russian oligarchs; 3. Property owners who are non-residents where they own property should be taxed at a much higher rate. Places are simply way better off if the people who live there own the property there; 4. Incumbents vote themselves massive tax breaks. This applies to both property owners and renters. Case in point: Prop 13 in California (eg Disney still pays 1970s tax rates on Disney Land, for example). Oh and rent control; 5. NIMBYism. People on HN like to paint this as the boogeyman. I think this is somewhat overblown; 6. Subsidies for car ownership. Building out requires more infrastructure (eg roads, schools, utilities). Suburbs are subsidized by the taxpayer; 7. Attacks on public transportation. For example, Santa Monica trying to fight the LA rail extension into Santa Monica (because, you know, that'll bring undesirables into the area). Sometimes this is done for pseudo-political but self-serving reasons ("it'll raise taxes!"). This exacerbates other problems; 8. General opposition to allow and opposition to living in higher density housing. That all being said, I see the pandemic as helping to reverse the trend towards the move to a few urban centers. This is a boon for medium-sized regional centers and ultimately a good thing for a couple of reasons: it increases choices and cities beyond a certain size just... stop working. More cities under 2M people would be better than more cities of 20M people.