CNBC has some additional commentary:
Leaving aside (for now) my objections about the need for additional visas, in light of current (un)employment conditions, I still think this is a bad idea. Why not just let the markets work? It's simple Economics 101. Excess supply, drop in demand, prices fall. People will buy homes when the prices fall to reasonable levels. We have now in the works a golden opportunity for first home buyers to get in on extremely good deals without having to take on excessive debt.
Getting back to my own qualms about the need for additional visas, people are losing their jobs, and thus, their confidence about their ability to afford homes. At least as far as people who are qualified to do their jobs but asked to train their visa-holding replacements are concerned, they're being forced into (at least temporary) unemployment, which hurts their ability to pay off their loans, and acts as a disincentive to buying a home.