A new Federal Reserve Bank of Dallas working paper estimates the record surge in illegal immigration during the Biden administration boosted employment while driving up home prices by as much as 30% and rent by 20%.Isn't this obvious? We imported millions of migrants, and did not build housing for them. Supply and demand. More demand and the same supply, and all Americans had to pay increased housing costs.The paper combined immigration court records with government administrative data to create the first ever calculation of how a wave of 7 million illegal immigrants from 2021 through 2024 affected local labor and housing markets.
"From early 2021 to early 2024, the U.S. experienced an unprecedented boom in unauthorized immigration, followed by a rapid slowdown beginning in mid-2024. We provide the first systematic empirical assessment of the labor- and housing-market effects of this episode," the working paper said.
Some Americans owned rental units and profited from this, but overall it is bad to have to pay much more for housing.
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At the same time the rents and housing prices were increasing, inflation was taking off. Both were products of the Biden administration's absurd policies of shutting down the economy for Covid and trying to bring tens of millions of people into the United States in order to stack elections in their favor.
Democrats love problems, especially their own created problems. It gives them something to tilt at like windmills and play the hero.
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