Sure, but if you build a massive amount of new housing and it all gets bought up by investors who want to use them as rentals, what have you accomplished? And i

Sure, but if you build a massive amount of new housing and it all gets bought up by investors who want to use them as rentals, what have you accomplished? And if your answer is "build even more" then you have to consider that at a certain point you run out of land, especially in these ultra-high-demand vacation destinations. If you have laws in place to limit misuse of housing stock, and then you build a massive amount of new housing, the problem can actually be ameliorated.