Exactly this. A significant portion of the housing is being bought by foreign investors who don&#x27;t even live here. Not only is it raising the pricing of the housing, but you don&#x27;t get the economic benefit of said wealthy individuals living in the city.<p>I recall reading an article about a local coffee shop. A number of new buildings were built around it, all residential condo&#x27;s. The condo&#x27;s in the buildings were completely sold out, hundreds of units, yet it was a ghost town around there. The coffee shop, and I believe a local pub as well, ended up going out of business because despite all the units being purchased, nobody actually lived in them.<p>Similar experience, my office is in the heart of downtown, right on the water. A beautiful building went up beside us, all condo&#x27;s for sale, starting at $1.5 million. They got bought up instantly. However, once the building opened, I looked out my window and into a building where 90% of the units remained completely empty (no curtains) for well over a year until I switched desks. Foreign investors buy up all this property and it just sits there...empty. Meanwhile everyone that lives and works here is being priced out.