I don't know how much those speculators raise prices, but if it is a non-zero number, they should not be allowed to speculate on places other people need to live.
Enter the NIMBY voter. These idiots cause a lot of the stupid you see in American politics.
If we propose getting those speculators out of the home market in order to bring home prices down, the NIMBY crowd will fight you, because their own homes will be worth less money if you do that.
https://en.wikipedia.org/wiki/NIMBY
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