In a massive scandal, the Federal Reserve has quietly admitted that Biden’s illegal alien invasion surged home prices by about 30%, directly harming US citizens’ affordability and incomes. Rentals increased about 20%, and incomes declined.
This comes as President Trump has blocked taxpayer mortgages and housing assistance to illegal immigrants. Just the News posted the report.
“We find that unauthorized immigrant worker flows (UIWF) increased local employment approximately one-for-one, without significant declines in local wages. These inflows also raised local house prices and rents without expanding housing supply, consistent with a housing demand shock in the face of short-run inelastic supply. Lastly, we find that UIWF reduced labor income per capita, consistent with a downward wage composition of the local workforce, and strongly reduced government transfers. These findings should help inform policy debates surrounding how unauthorized immigrant labor supply impacts local labor and housing markets as well as public finances.”
~~~
“A back-of-the-envelope calculation suggests that UIWF 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.”
The Cost of Illegal Immigration
A new Federal Reserve Bank of Dallas working paper estimates the record surge in illegal immigration during the Biden administration boosted employment while causing 30% of home price increases and 20% of rent increases.
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.
Just the News posted the full paper here.
This doesn’t even cover what massive illegal immigration does to education and medical expenses. Then there are the cultural issues and crime problems.
Major news outlets are reporting this. The people who came under Biden didn’t have a decent education and can’t earn good incomes. They are getting taxpayer-funded mortgage breaks and rentals that citizens don’t get. They are taking American jobs for low wages.