I don't think we should be pointing any fingers at locally employed people who purchase a home to live in while we're still allowing foreign investors to buy up multiple properties they'll never step foot in.
>The percentage of California single-family homes bought in all-cash transactions has climbed in the past decade from 10 to 25 percent—and many of those are investors from Asia.
People buy homes in Menlo Park with all cash because there will be multiple bidders and not being contingent on mortgage approval is the only way to win the bidding.
Most of them then go and get a mortgage.
The calmaters article has zero data about "investors from Asia". It's an assumption.
>The percentage of California single-family homes bought in all-cash transactions has climbed in the past decade from 10 to 25 percent—and many of those are investors from Asia.
https://calmatters.org/housing/2018/03/data-dig-are-foreign-...