1. Visas aren’t permanent. My best friend renewed his H1B, ran through that renewal, and had to spend a year out of the country to reapply (all while in line for a green card)

2. Given the finite nature of real estate, especially in metro areas, (vacant) investment property harms the residents

Counterpoint: at least in AZ there is a tax for foreign buyers.

I think it doesn't help in the current 'lootacracy' where zero interest central banks loans are being used to jack up the price of existing real property. Vs historically where foreign money finances development and upgrading of real property.