I appreciate how each side of the political spectrum has their own fairy tale about real estate:
Conservatives: illegal immigrants are buying all the homes!
Progressives: hedge funds are buying all the homes!
Neither is correct and these are just bugbears for politics. The actual answer is we as a nation, states and cities embraced housing restrictions, some bad regulations, bad zoning and general NIMBYism and let bad faith community groups restrict development for decades and now here we are in a simple demand crunch that people purposefully refuse to acknowledge.
It also doesn't matter because the answer is always the same: just build more homes. Affordable homes, luxury homes, market rate units, doesn't matter, you just need supply. Easier said than done but it's the only way to actually change things, anything else like deportations or rent control is really just papering over that core issue.