It seems the more daylight we have between present day and the long national nightmare known as The Biden Administration, the more we find out all those bad things we thought were happening due to open borders actually did happen.
While Biden and his fellow Democrats were allowing illegal aliens to stream across the border by the millions – future Democrat voters!! – they also insisted it wasn't happening and, even if it was, it wouldn't affect anything. Certainly not things like housing and healthcare. Plus, they clean and landscape our homes for cheap, you peasants, so pipe down.
It's the kind of gaslighting Democrats specialize in: don't believe what's right in front of your eyes. Believe what we say, instead, you fool; we'd never lie to you. We always want what's best for you.
Well, it turns out they lied.
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A working paper released earlier this year by the Federal Reserve confirms what you already knew, despite the protestations of the Left, and that's that Biden's illegal immigration surge triggered another surge, this one in housing costs for everyday Americans. In fact, the Fed says the flood of illegals into our country led to a 30 percent rise in home prices and a 20 percent increase in rents.
Oh.
With some housing markets continuing to strain under the weight of illegal populations, the paper, which was published by the Federal Reserve Bank of Dallas, concludes that any economic benefits of illegals being employed are crushed by the increasing demand for housing.
The researchers looked at immigration court records, crossed with government administrative data, to measure how the flood of illegals into the United States under Joe Biden, namely the years 2021 through 2024, affected labor and housing markets.
Here's what they found:
A 1% increase in unauthorized workers relative to a local labor force corresponded with roughly a 1% increase in overall employment, with no evidence the immigration surge reduced average wages. The same 1% increase, however, was associated with a roughly 2.2% rise in home prices and a 1.4% increase in rents. Researchers found little evidence that homebuilding expanded enough to meet the added demand, concluding the influx acted as a housing demand shock in markets where supply was already constrained.
In other words, they found very few economic benefits to localities from all the illegals, but a huge increase in people needing housing. Americans were getting crowded out by all of Biden's border-crossers.
Researchers also found that these aliens accounted for roughly 30 percent of home-price growth and 20 percent of rent increases in metropolitan areas during the timeframe of March 2021 and March 2024. The working paper concluded that the United States had seen an “unprecedented boom” in illegal immigration while Joe Biden was president.
Not that any of us needed a study to prove that; all we had to do was look around to see what was happening in our communities under Biden. Anyone who's recently tried to buy, sell, or rent a property knows that it's not as routine as it used to be. So much has changed.
Banks are clamping down on who they'll make loans to, while property management companies practically want your firstborn in order to approve your application. Although it's anecdotal evidence, just walk into any emergency room or urgent care if you want to see how our systems are reaching breaking point with the influx of illegals who haven't left or been forced out yet.
Here's the good news. The Department of Homeland Security said last week that there have been zero releases at the border for 14 straight months. Although deportations and remigration might not be going at the pace some of us would like to see, at least the spigot has been turned off.
We'll have to wait and see if any relief is on the way for Americans priced out of housing thanks to Joe Biden and his terrible policies.
Of note: The authors caution that this study is just a draft and is still being circulated for comment, and, therefore, does not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve System.
