I agree it is a problem, but the foreign buyers did fund the construction of "affordable housing".
I think the policy of granting tax abatements for developing affordable housing is nuts, but some of that $90 million was used to help the working class.
I agree. This is no different than state governments granting companies generous tax relief for the "creation of jobs," which more times than not are a few hundreds of minimum wage jobs. Doing the math, it does not make sense, but I guess the rationale is that you get $1500 or zero. I am not really sure at what cost though.
I think the policy of granting tax abatements for developing affordable housing is nuts, but some of that $90 million was used to help the working class.