I think there's more to it, though. If landlords or management companies are competing to buy a 4+ unit building, that having more potential buyers (foreign buyers) will tend to make the final purchase price higher than it would have been if there'd only been local buyers, regardless of who ends up with the winning bid.
And certainly the higher cost of purchase will influence the amount the new owner charges tenants to live there.
> certainly the higher cost of purchase will influence the amount the new owner charges tenants to live there.
I don't think it will hurt tenants if their building sells for more money, unless there are any legal limitations based on sale price of a building with regard to raising the rents. But just market forces shouldn't really react at all.
And certainly the higher cost of purchase will influence the amount the new owner charges tenants to live there.