The US obviously has its own problems, and I absolutely don't know the US market well enough. My comments are based around canada banning foreigners from buying homes and my knowledge on similar issues in NZ/AU.
The US however is a huge plot of land with varying housing prices across the country, even if you had foreigners buying properties, it doesn't have the same impact on the country as it does in NZ/AU/Canada.
Yes, I agree that NZ’s much smaller size makes it a more challenging case. NZ will be more affected in the short term by large swings in demand from foreign buyers.
The US however is a huge plot of land with varying housing prices across the country, even if you had foreigners buying properties, it doesn't have the same impact on the country as it does in NZ/AU/Canada.
Populations:
Canada: 38m
Australia: 25m
New Zealand: 5m
US: 332m
The impact hurts us more than the US.