Vice President JD Vance is crediting President Donald Trump’s mass deportation agenda for leveling off home prices, making it more affordable for young Americans to purchase their first home.
In an interview with Fox News, Vance said Trump’s successfully securing net-negative immigration to the United States over the last six months has spurred home prices to drop, as Americans are no longer having to compete for homes and apartments against a growing inflow of migrants.
“If you go back to a 100-percent housing price increase in four years under Joe Biden, we’ve already seen that level off under Donald Trump. Now to fix that rigged system … you have to understand the root causes here,” Vance said:
Why did housing get so unaffordable for American citizens? Two big problems: Number one … interest rates were too high. Number two, you had way too many people in this country who are competing against American citizens for scarce homes. And that’s the illegal immigration problem.
[Emphasis added]Why has housing leveled off over the last six months? I really believe the main driver is you’ve had negative net migration into the United States for the first time in 60 years in this country. You cannot flood the United States of America with 20, 30, 40 million people who have no legal right to be here, have them compete against young American families for homes, and not expect the price to skyrocket. It’s simple supply and demand. You increase the demand, they increase the price. [Emphasis added]
Indeed, under former President Joe Biden, the nation’s foreign-born population grew by an unprecedented nearly 7 million in just 4 years. Meanwhile, in the first 6 months of the Trump administration, the foreign-born population has dropped by 2.2 million — about 1.6 million of whom were illegal aliens.
Decades of research have shown the correlation between mass immigration and skyrocketing housing costs.
Last year, during a congressional hearing, Center for Immigration Studies Director of Research Steven Camarota told Congress that “a 5-percentage-point increase in the recent immigrant share of a metro area’s population is associated with a 12-percent increase in the average U.S.-born household’s rent, relative to their income.”
“Adding very large numbers of people to the country must significantly impact housing prices by driving up demand for rental properties … the Census Bureau reports that the increase in rents in 2023 was by far the largest in the past decade,” Camarota said.
In 2013, a study by the Michael Bloomberg-funded New American Economy, which promotes mass immigration, explained how the importing of tens of millions of immigrants over decades had helped raise housing costs by $3.7 trillion for the next generation of homebuyers, but spun the figure as the creation of “housing wealth.”
John Binder is a reporter for Breitbart News. Email him at [email protected]. Follow him on Twitter here.
Read the full article here