If those wealthy foreigners are buying to live, they won’t be buying average white collar area like Carmel Valley and bellow. They would be buying in Laguna Beach, RSF, etc area. If they’re buying to rent out, it doesn’t matter how cheap it is compare to houses in their country, they would have to compare it to rent of the area they’re buying in. So, my point is, area where houses are under $1-2M are not affected by wealthy foreigners. They have better places to invest their money than housing.
