A Federal Reserve Bank of Dallas report has revealed how the surge in illegal immigration between 2021 and 2024, when Joe Biden was President, increased housing demand, driving up home prices and rents, especially in metropolitan areas.
| PULSE POINTS |
❓ WHAT HAPPENED: A new study from the Federal Reserve Bank of Dallas has revealed that illegal immigration under the Biden government resulted in higher home prices and rent costs. 📺 DETAIL: The paper analyzed the impact of illegal immigration between 2021 and 2024. While the paper is a preliminary draft, it is one of the first comprehensive efforts to determine the economic impact of illegal immigration under the Biden government. The paper combined government data and individual immigration court records to reveal that illegal immigration led to a 2.2 percent increase in home prices and a 1.4 percent increase in rent costs. Illegal immigration increased housing demand, which, without an expansion in the supply of housing, caused prices to rise. Researchers noted that illegal immigration accounted for approximately 30 percent of home-price growth and about 20 percent of rent cost growth in metropolitan areas during the stated period. 🎯 IMPACT: The findings reaffirm the relationship between housing supply and immigration, demonstrating the negative economic impact on Americans and on the affordability of essential goods. The study will likely strengthen calls to reduce immigration to benefit American workers and consumers. The paper states that illegal immigration experienced an “unprecedented boom” under the Biden government, which added roughly seven million people to the population. The paper is likely to reinforce the Trump administration’s commitment to mass deportations. 📺 FLASHBACK: This follows a study from January, which revealed that mass deportations have made homes more affordable. That study revealed that metropolitan areas with significant populations of illegal immigrants have experienced a drop in housing costs, showing year-over-year declines in December last year. The same study also revealed that mass deportations had contributed to wage increases and a decline in crime. |
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