As I’ve stated before, Biden importing several million illegal aliens across the southern border raised housing prices, because increasing demand without increasing supply raises prices.
But now we have a federal reserve paper that lays out the case in more detail.
A working paper from the Federal Reserve Bank of Dallas concluded that the large influx of illegal aliens during the Biden administration drove up housing prices and rents.
According to the paper, roughly 7 million people illegally came to the United States between 2021 and 2024.
This spike of illegal immigration “raised local house prices and rents without expanding housing supply,” acting as a “demand shock to local housing markets.”
Using court records and border enforcement information alongside housing market data, the economists estimated that illegal immigration “can explain about 30% of the total growth in house prices and 20% of total growth in rents over the boom period for the average local market.”
“We’ve actually been saying this for a number of months now,” U.S. Rep. Beth Van Duyne (R–Irving) told CBS News. “I don’t think people sometimes understand the ramifications of having so many folks enter your country illegally in such a short period of time and the financial disaster that it causes.”
Although housing costs have begun to ease, prospective homeowners continue to face affordability challenges. The National Association of Home Builders calculated that in Texas, a $1,000 median price increase would price out roughly 15,000 households.
John Bonura and Selene Rodriguez from the Texas Public Policy Foundation are urging lawmakers to “ensure that scarce housing opportunities first serve the people to whom this country ultimately owes its highest obligation.”
You mean citizens rather than illegal aliens? Seems like the Democrats have those priorities reversed.
The paper can be found here, in which we find this breathtaking chart showing the effects of the Biden Administration’s deliberate attempt to leave the southern border unsecured:
Republicans need to drop direct mailers to everyone under the age of 30 this year, explaining that Biden’s illegal alien wave drove up housing prices, and that excessive regulation in blue cities and states restrict demand. Who knows, this little nugget of truth may even give some of them a clue as to why socialism doesn’t work…
Tags: Beth Van Duyne, Border Controls, Federal Reserve, housing, Illegal Aliens, inflation, John Bonura, Mary Berg, Selene Rodriguez, Texas, Texas Scorecard
What I would add is that these people typically did not come over the border with enough money to scrape together a rental deposit, utilities deposits, and monthly rent, or even more so, a ten percent deposit and all the other costs to BUY a home. American taxpayers funded all that.
And about those cars they drive around in… How did they fund that? No licenses, no insurance, no Inglese…
Who are we kidding? 7 million? We saw at least 25 million illegals enter the US under Obama and Biden. We saw them flown in without any act of congress nor as far as I am aware any authorized funding for this. I am unaware of the massive waiver of criminal and medical checks, the massive exception for welfare, section 8 housing and foodstamps. I am aware that the Left does not believe in the laws of supply and demand and believes they can print money till the big rock candy mountains exist.
What does disturb me is the RINOs who assisted them and continue in this destruction. Eventually there will be a day of judgement That day always results in revolution. History tells us this in no uncertain terms.
The Big Rock Candy Mountain is on route 89 just north of Panguitch, Utah. Really! I drove by it a week ago Saturday.
That’s just the demand side. Uncontrolled immigration also destroys *supply* when disruption of the the public order makes formerly working class neighborhoods uninhabitable. Millions of starter homes are now unsuitable for young couples wanting to start families, creating a rush to newer areas, where they are outbid by UMC professionals fleeing the same effect.
I’ve always wanted to stop there and get some fresh rock candy straight from the mine.