The market is going up because of foreign investors. Don't believe me? Trying renting a house through a real estate agent. The owner will be a foreign investor, usually, but not always Asian. 

The reason the real estate companies don't want a foreign investor tax? The market will slow down, so they lose money there. And, these agents are also running the rental market for foreign investors. So, by having a foreign investor tax they lose twice!

It's a scam run by the real estate companies.