> Comparatively, immigrants don’t have the purchasing power to compete,

Does that even matter? They don't have to compete on house purchases, they just have to increase demand on rentals, even at the low end. This pushes everyone in an income bracket above them to compete for the higher priced rentals, until those say "screw this, I'll just buy" find out that even that's no longer possible.

In this game, it's possible for everyone to lose.