[dumbledoren]

All of what you said applies to only places like the US or, maybe Russia or China that has enormous amounts of space to build.

Europe is not like that. Texas is half the size of Entire Western Europe. Even worse, the Mediterranean is basically river basins that are squeezed in between mountain ranges and all the available space has already been built with at least 8-10 story buildings. There isn't more space to build even for the local population. Barcelona is one of the best examples. There is no way in hell there can be more space to build to meet the artificial demand that foreign investors are causing in their frenzy to make a quick buck.

[AnthonyMouse]

Why is a place with 8-10 story buildings unable to create more housing? Is there a law against 20 story buildings?

[dumbledoren]

First, the Mediterranean has scarce space and scarce reliable landscape that can support that kind of tall buildings, second, nobody has to turn their cities into Manhattan to be able to prevent American investors from gentrifying their own people.