Federal Reserve Bank Working Paper: Biden’s Open Border Accounts for 30% of Home Price Increase
Housing prices rose during the last Democrat administration. This was largely the result of policy. Opening the border to millions of illegal aliens accounted for 30% of the increase in housing prices.
Just the News reports on a working paper from the Federal Reserve Bank of Dallas:
“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.
“The total weighted-mean increases in house prices and rents over this period were 22.4% and 22.6%, respectively. Putting these together, for the average MSA [metropolitan statistical area], UIWF [unauthorized immigrant worker flows] can explain approximately 30% of the total increase in house prices and 20% of the total increase in rents,” it added.
Homebuilding could not meet the sudden explosion in demand. This was likely to be especially true in jurisdictions ruled over by Democrats, who strangle home construction with hyperregulation.
Meanwhile, Democrats bark “Affordability!” as if the word were a magic incantation. The magic word worked for Zohran Mamdani.
Their war on immigration enforcement makes clear that if Democrats secure power, they will open the border as wide as ever, with extra incentives to attract welfare colonists in unsupportable numbers. The cost of housing will skyrocket.
On a tip from abcanc.
The post Federal Reserve Bank Working Paper: Biden’s Open Border Accounts for 30% of Home Price Increase appeared first on Moonbattery.
Source: https://moonbattery.com/federal-reserve-bank-working-paper-bidens-open-border-accounts-for-30-of-home-price-increase/
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