Surprise: All Those Biden Illegals Raised Home Prices And Rent

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.