I suspect it will take a lot more than a 15% foreign buyer's tax to cool demand. A host of measures will be required, including cleaning up speculative industry practices as well as reforming the capital gains tax regime in order to disincentivize speculation. At the local level, changing property tax regimes in order to make property more expensive to own for non-residents (as I believe Florida does) should be implemented. A home or condo sold for $1.5 million to a non-resident could incur an additional property tax of, say, 1% annually, or $15K, and rising in tandem with local RE prices, in order to discourage speculation.  On the supply side, revenues obtained via these taxes should be directed toward the construction of purpose-built affordable housing, with a specific emphasis on first meeting the needs of seniors and the disabled as well as low-income families where the parent or parents are working.