Not correct.  29 sales of the 675 sales last month were to foreigners.  That is not driving prices by any stretch.  Scant inventory is the issue and that can be squarely laid at the feet of the core area city councils.  The process for rezoning takes years, the expense is astronomical and the city's take with Development Cost Charges, fees, permits, amenity contributions and more all contribute to the expense and scarcity of dwellings for an in-demand area.