I don't see this as a Red v. Blue or MAGA / anti-MAGA point. I see it as a 1% v 99% issue. If wealthy foriegners can buy unlimited amount of US property, it will drive up prices and keep non-wealthy US citizens from being able to afford to buy.

This has nothing to do with China, Japan or any specific country.

I know such limitations work, as I'm an ex-pat American living in Austria. Here is very hard to buy more than one property as an ex-pat, for the very reasons I list above. Although real-estate in Austria has gotten much more expensive over the years, it is still far more affordable than other western countries. Particularly in the capital, Vienna, where I live and own property.