A lot of Bay Area real estate is being sold with cash offers from overseas Chinese. I’ve seen it (and experienced its effects) personally as well. A big chunk of Oakland has been bought in the last year or two by them.
I don’t really mind this, but I think a better option would have been to force foreign owners through a time-delay hoop in selling the property, meaning that they couldn’t flip houses in less than, perhaps, two years. They might shy away from holding real estate if they can’t sell into a hot (or cooling) market.
My understanding is that, at least in the Chinese case, the investors are just desperate to find something, anything, that they can soundly park money in that isn’t in China. Property is an old standard for that. I’m sure your idea would make a dent but I doubt it would stop it from happening on a large scale. They want that money not under the eyes of the PRC.
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