With the exception of 'beachy' real estate, these properties can be priced HIGHER!
Just like gated communities suggest a level of security, properties that reduce the number of temporary residents communicates a similar security. Gated communites have a boat load of rules AND have higher value and greater value retention.
Areas with a high percentage of rentals are typically valued less than those with a high percentage of owner occupied homes. It is worthy to note, in some communities with high non-resident onwer rates, lenders will not fund a purchase.
Now there are exceptions.
What this rule effectively accomplished is placing a poision pill that kills investor potential, but does NOT PROHIBIT investor purchase, (that would be illegal) which is EXACTLY the purpose.