A new Federal Reserve working paper has found that a record surge in illegal immigration during the Biden administration coincided with higher home prices and rents.
The working paper, published by the Federal Reserve Bank of Dallas, examined the impact of unauthorized immigrant worker flows on housing and labor markets in metro areas. Economists estimated that unauthorized immigrant worker flows accounted for about 30% of employment growth, roughly 30% of home price growth and 20% of rent growth in the average metro area. Former acting ICE Director Jonathan Fahey said illegal immigration “cost the American people money.”
Because we know the rents and home prices went up because of illegal immigration and that’s really just common sense. You bring in over ten million people, they didn’t bring any homes with them, prices are going to rise,” Fahey told Fox Business.
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