The Trump administration’s top tier priority of bringing a halt to the flow of illegal immigration — which ran rampant throughout former President Joe Biden’s single term — has brought U.S. home prices down, Vice President JD Vance pointed out this week.
“From day one, President Trump and I have said this very thing. Stopping the flood of illegal migrants into this country will bring down home prices and make housing affordable again for young Americans who are trying to start a family,” Vance said, pointing to a recent paper published by the Feds showing that Biden’s inflow of illegal immigration did, in fact, drive home prices and rent up, despite years of denials from members of the establishment media.
“Despite the left’s incessant whining, Trump was right all along. Thanks to the efforts of @DHSgov and the entire Trump Administration, we stopped the flow of migrants at the border, and housing prices are beginning to come down,” Vance continued, noting that there is still work to do on this front. However, this still serves as a “huge progress toward restoring the American Dream as a reality for our nation’s young people who deserve a stake in their country,” Vance added.
The paper published by the Federal Reserve Bank of Dallas found that the U.S, experienced an “unprecedented boom” in illegal immigration from 2021 through 2024:
We provide the first systematic empirical assessment of the labor- and housing-market effects of this episode. Using newly available administrative microdata on individual immigrants, we construct measures of net unauthorized immigration at the national and local levels and exploit plausibly exogenous variation across local markets. We find that unauthorized immigrant worker flows (UIWF) increased local employment approximately one-for-one, without significant declines in local wages.
The paper found that the 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.”
The report found, specifically, that “during the boom period an increase in unauthorized immigrant worker flows equal to 1 percent of a local area’s initial employment increased local house prices by 2.2 percent and increased local rents by 1.4 percent.”
In other words, Unauthorized Immigrant Work Flows (UIWF) could explain “about 30 percent of the total growth in house prices and 20 percent of total growth in rents over the boom period for the average local market,” per the paper.
Despite this reality, establishment media outlets have worked overtime to fact check Vance’s claims — claims he has made for quite some time. He made this point during his debate against Gov. Tim Walz (D) despite pushback from both the moderator and Walz. CBS News went on to attempt to fact-check him, as well as PolitiFact and the New York Times.
“Once again, the useless attempts to fact-check the Vice President have proven that the mainstream media is nothing more than a propaganda arm for the Left,” a spokesperson for the Vice President said.
“While the media tries to gaslight the public into ignoring the real impact left-wing policies have had on their lives, the Trump Administration is working to ensure that Americans can afford to own homes on American soil,” the spokesperson added.
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