My opinion is that the overall direct effect of immigration policy on any given market will pale in comparison to other factors such as the economy, inflation and deregulation. 

Are you thinking government spending is going to actually get cut and inflation was just a flash in the pan? 

In the long run direct ownership is working because we invest in dis-inflation way. 

Other equally contributing factors you want to consider is the properties positive cashflow, asset appreciation over time, debt service paydown over time, as well as hedging your dollars against inflation - all of which make real estate such a great investment especially when you have the right property!

Federal debt and fear of hyper inflation has homeowners in a gridlock.

You buy the property, you give the tenant notice of a pending increase, they pack up and leave, then you spruce it up and rent it at market rate so it's a profitable investment.When egg prices double, do you think the local grocer cries in his coffee every morning about how inflation is impacting his customers?

Then if you do sell later and you pay the tax, you are paying it with "future dollars" which are worth LESS because of all the inflation that occurred in the interim. 2.

The bond markets are worried about inflation. 

The other options you are playing with fire as using a HELOC that is paying interest is essentially buying with 100% financing.Having no skin in the game has always been a high risk strategy and people were able to get away with it the past few years due to the money supply and inflation but I would not use that as the measuring stick.

I am sure most real estate investors are not even familiar with what I am talking about, but the economy is a global economy and Multifamily investing is a tiny component too things and how immigration, inflation and other factors are handled will also have significant impacts that we just have no idea.