I wonder if this study includes all the TPS and refugee folks Biden brought in, or just the illegals/fake asylum seeker?
Biden’s illegal immigration surge caused higher rent and home prices, Fed study finds
A new Federal Reserve working paper found the record surge in illegal immigration during the Biden administration came at a cost to one of the nation’s fiercest political debates: higher home prices and rent rates.
The findings arrive as immigration remains a defining political issue, with Republicans arguing former President Joe Biden’s border policies strained housing and public resources while Democrats have pointed to immigration as helping ease labor shortages and support economic growth.
The new report, published by the Federal Reserve Bank of Dallas by compiling individual immigration court records and government administrative data, is among the first comprehensive efforts to measure how the unprecedented wave of illegal migration between 2021 and 2024 impacted local economies and affected local labor markets. (snip)
The researchers found that illegal immigrant worker inflows increased local employment “approximately one-for-one,” meaning a 1% increase in unauthorized workers relative to a local area’s workforce corresponded with roughly a 1% increase in overall employment. The study found no evidence that the immigration surge lowered average wages.
That 1% increase in illegal immigrant worker flow, however, raised local home prices by about 2.2% and rents by roughly 1.4%, while finding little evidence that new housing construction expanded enough to absorb the increased demand, according to the study. So while wages remained relatively stable due to the influx of illegal immigration, housing prices and rent surged and left American workers struggling to keep up.
So, every 1% increase in illegals increased by 2.2%/1.4%. I mean, we can’t blame it all on Biden, we can start with China and Fauci, followed by the idiot politicians and their crackdowns.
Researchers concluded the influx of illegal immigrant workers acted as a housing demand shock in markets where supply remained relatively constrained.
The authors argued the increase in housing demand outpaced homebuilding in many areas, amplifying price pressures where housing supply was already limited.
How many months was there NOT construction? How long after did it take to get it all going again, especially since restrictions varied according local, county, and state jurisdictions? And Biden was dumping all those aliens everywhere.
The economists estimate illegal immigrant worker flows accounted for roughly 30% of employment growth in the average local labor market between March 2021 and March 2024.
They also estimate those inflows explained about 30% of home-price growth and roughly 20% of rent growth in the average metropolitan area over the same period.
So, basically, companies giving aliens jobs at low wages while homes and rents spiked. Around Raleigh homes went up around 150% since COVID.
Lol
I thought that all the illegals were not working? How are they raising the cost of buying homes?
Here in NYC with 37% foreign born real estate prices keep going up under Trump
Median rent in Manhattan is now $5385
Median rent in the Bronx where I live is $3000
Haven’t conservatives been saying this all along? A surge in the population meant a surge in the demand for housing. Given that the surge was primarily of poor people, their demand for housing would have increased demand along the lower-end housing, the “affordable” housing, thus making the affordable housing less so.
LOL. Correlation does not prove causation!!
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The authors cautioned that the paper is a preliminary draft circulated for professional comment and that its findings do not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve System.
Researchers found the influx of illegal immigrants boosted local employment with little measurable effect on wages (but don’t conservatives screech that “illegals” depress wages), but came with a trade-off of increasing housing demand enough to drive up home prices (how many “illegals” are buying homes) and rents.
The researchers found that illegal immigrant worker inflows increased local employment “approximately one-for-one,” meaning a 1% increase in unauthorized workers relative to a local area’s workforce corresponded with roughly a 1% increase in overall employment (but conservatives insist that “illegals” don’t work, but sponge off hard-working Americans).
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So a slight increase in home prices and rents. Got it. Slightly UNDER the overall inflation rate?
And Donald is spending BILLIONs to expel the troublesome “illegals”.
Are conservatives embarrassed for blaming the monstrous increase in home prices and rents on the Biden, Fauci, China and so-called “illegals”?
Speaking of Housing, when will trump (scam) sign the bipartisan Housing bill he is holding hostage until Congress agrees to have the federal government suppress the vote? Be a man for once, Donny, and veto the bill if you don’t approve. Speaker Johnson said the Bill would become law with or without trump (??).
Is housing a problem or not? Donny (scam) said the bill was a “yawn”, since it helps working class Americans and not him directly.
Yes, our immigration problems need to be solved. Donny (scam) is not interested in fixing anything.
Elwood, it is hard for me to believe that you are as dumb as your comments indicate.
Labor is a commodity. More of any commodity leads to a price decrease unless there is a corresponding demand increase.
An increase in people leads to an increase in demand for housing. Without an increase in housing units the price goes up. A secondary cause is that inflation driven material cost causes an increase in price for new housing units. A third cause is that cost of money drives up prices and long term financing prevents price stabilization thus preventing a decrease based on increased supply.
It’s a well defined witches brew.
Whether or not the increases are less or more than the inflation rate is meaningless given that the result is harmful to the consumer paying the bill. Say it like this. The inflation rate is 3%. The cost of housing goes up 1%.
1% is more than any lessor number.
Really not that hard at all, James
All the toddler does is copy&pastes another’s words and then points and says “see”.
Rimjob suffers from Cluster B personality disorders HPD and NPD.
No study required. This was obvious on it’s face. More people => more housing required => higher cost of existing housing. It would be the same if the USA had a net positive birthrate too with new houses built not keeping pace with growth.