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Honestly, worrying about investor s buying residential real estate becomes a non-issue if cities just market rate housing. Investor s are looking to rent out properties, so somebody still gets to live there. Rental properties become particularly attractive when housing is scarce because that gives a lot of pricing power to the landlords, but when housing is abundant, renting becomes much more affordable. That would be good.
So you allow more housing and you get some combination of cheaper rent or more home ownership, if the cheaper rent dissuades institutional investors.
On the other hand, if you have housing scarcity, to some extent you can make rules that affect who get s economic benefit, but those rules tend to be a zero-sum allocation, rather than an overall improvement in social welfare.
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