You can try to be a clown as much as you want, but there's no "city money", it's tax payers' money that city gave to a bunch of assholes that decided they're entitled for $700/mo rent in one of the most desirable city of the world.
I'm not "try to be a clown," but your choice to recognize some levels of abstraction and not others is absurd to me.
> the most desirable city of the world
Well it's not like these German residents can teleport to Kuala Lumpur. Why should it be their problem that foreign buyers want to play absentee landlord? Homes should not be an investment vehicle.