[LeftCoaster]

Well the drug dealers' rent money still funds someone owning it, so that unit is still funded by drug money.

The simple answer is that all of these factors affect housing prices in some way, with no one factor being dominant. Some factors may be more influential than others (ie lower land supply being more nifluential than offhsore buyers) but they all play their part.

The real question we need to address is how this effects our city and what, if anything, we want to do about it. High housing, while detrimental to some, can be a source of opportunity as well.