Joao Pereira's point about Golden Visa investors enjoying all the safety, security and infrastructure without paying taxes into the system beyond their initial investment is absolutely correct. It's harebrained trickle down economic policy whose externalities are unsustainable.

But there's some countervailing data. Here's a Novo Banco salary survey: https://www.movingtoportugal.pt/en/finances/average-salary-portugal/

We rented a 70m2 two bedroom duplex house in Porto 150 meters from the Francos metro station and 800 meters from the Casa da Musica for 750.00/month.

A couple making average salaries according to the Novo Banco salary survey could afford to rent it. A single person making less than 2000/month would need a roommate. But that's even more true of singles making average salaries in L.A. , SF, London, Paris, Milan or Amsterdam. My stepdaughter and her husband cut their rent in half, but not their income, by moving from Amsterdam to Porto. But incoming expats are not the only source of increased housing demand. Locals like my stepdaughter's professional class neighbors are as well. So are all the Portuguese dentists and doctors treating expat patients. While in Porto my treatment helped a local dentist make her monthly mortgage payment.

The problem is the low wage workers' and pensioners' get disrupted by this housing market while deriving little to no benefit. Taxing expat properties by valuation to pay for housing vouchers for low income Portuguese who are residents of Porto, Lisbon and other cities with high concentrations of golden visa owners would be one solution.