Foreign ownership of any property in the US should be ended. There are ways for foreign investors to reach the US economy without tying up homes and land that could better serve US citizens. This should extend to lands and commercial buildings owned by LLCs or Incs. The owners or principals of these organizations should also be US citizens.
Farm land is an important starting point. A large portion of foreign-owned land classified as farm land isn’t being farmed. At minimum, it’s taking potentially good, workable land from American farmers, and at worst is serving another nefarious purpose.
Housing shortages, and an ever-increasing demand for domestically raised and produced food mandate that we take back control of our farmable lands.
Pass the law and pay the foreign owners a one-time, fair price for the unimproved value of the land.