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It literally destroys communities. Can't have communities if there's no people.
In Vancouver (Canada) it got so out of hand it got crazy. I saw stats not so long time ago and only 4% were Canadian buyers for properties over 600k. 
You get shit for under 600k in Vancouver. I have friends living there and it was literally impossible to buy a house there. Both are working with 100k+ salaries. I was like: "WTF?!" !!
Non-Residents meaning banks and investors? All these people buying up houses and pushing people out need a daily kick in the teeth. >

it became a real issue; lots of chinese buying houses that are just sitting there empty. Same goes for condos. A friend of mine is a realtor and even he stated that things must change because long term itll be catastrophic for some cities. He actually once sold 12 out of 20 apartments blocks to someone that paid cash (no bank financing). Those are still empty 2y later. >

I’m in North Carolina and there are three houses within a block from me that were bought two years ago and empty and don’t have for sale signs in front. It’s definitely worrisome and infuriating.