Investors: Biden’s Mass Migration Inflates Americans’ Housing Costs
President Joe Biden’s flood of legal and illegal migrants is inflating the costs that ordinary Americans and their grown children must pay for housing, according to the Wall Street Journal.
“Global Migration Boom Keeps Housing Costs High: Surging immigration is boosting rents and supporting home prices, complicating inflation flight,” said the headline above a July 15 article in the Wall Street Journal.
The report cited a May study by Goldman Sachs, which said in an email that “rebounding immigration” is helping investors by bumping up housing prices:
[A] post-pandemic recovery in immigration appears to be boosting population growth, thereby lifting housing demand and limiting house price downside (Exhibit 5). This dynamic appears especially important in Canada and Australia, where immigration and population growth have rebounded most strongly.
Source: Haver Analytics, Goldman Sachs Global Investment Research
Similarly, an investigation of 18 countries by Canada’s leading bank, the Bank of Montreal, concluded that a one percent hike in population — via migration births or migration — spikes housing prices by three percent. In an email to Breitbart News:
We have shown in the past that there is a very clear-cut positive relationship between population growth and real home price increases (roughly, every 1% rise in the former translates to a 3% increase in the latter. For inflation, the relationship is less obvious. But, looking at 18 countries from 1999 to 2022 suggests that there is at least a weak positive relationship.
Source: BMO Economics, Haver Analytics
Establishment media outlets rarely recognize the impact of migration on housing, even when reporters try to cover the overcrowding and crime in taxpayer-funded shelters for migrants. This silence is also seen in many polls that portray immigration as a non-economic issue unrelated to housing or wages.
But Breitbart News has extensively covered the huge impact of migration on housing and wages in the United States, Canada, Australia, and other countries.
Since January 2021, President Joe Biden has admitted roughly eight million migrants into the United States, about one migrant for every American birth during the same period.
His flood includes roughly 3.2 million migrants welcomed across the southern border, 1.5 million “got-away” people who were allowed to sneak across the border, 800,000 “overstay” illegals in 2022, two million legal immigrants, and more than 500,000 temporary white-collar workers.
This Biden flood doubled the nation’s population growth, creating a population shock that was bound to impact housing prices.
In the United States, the inflation in housing “was by far the biggest contributor” to inflation in March 2023, said a tweet by Kathy Jones, an economist at Charles Schwab & Co. Her tweeted chart shows the dominant share of shelter inflation in dark blue:
The flood of immigrants and the resulting price hikes are pushing up rents along the coasts and in the interior states. USAToday.com reported on July 5:
In Columbia, Tennessee, an hour outside Nashville, tenants have been organizing after seeing their rents explode in the past several years, causing more people to become homeless.
Judy Schwartz-Naber, a Walgreen’s employee … has seen her rent double from $450 to $900 a month in the past seven years. She said there’s “a lot of fear out there” as people face more threats of eviction.
The high price of city housing also keeps many young Americans in their rural communities, while migrants and their children crowd into urban housing. This process ensures that migrants and their children get the economic opportunities of urban living that would otherwise have gone to Americans’ kids, according to a pro-migration academic, Leah Boustan. “No matter which country their parents came from, children of immigrants are more likely than the children of the U.S.-born to surpass their parents’ incomes when they are adults,” economic historians said in a 2022 article for Time.com.
“Of all the worrisome trends in the American economy, the easiest one to turn around with the greatest downstream positives is to stop artificially juicing demand for housing through loose border policies,” Andrew Good, an analyst at NumbersUSA — an immigration reform group — told Breitbart News.
Real estate investors have a major influence over the GOP and the Democrat Party. On July 18, the New York Times sketched the huge role of real estate investors in New York politics:
[Mayor Eric] Adams has raised $1.3 million since January for his 2025 re-election effort in the latest reporting period, drawing maximum $2,100 donations from real estate magnates like Marc Holliday, the chief executive of SL Green, the city’s largest commercial landlord, and its founder, Steve Green; and Alexander and Helena Durst, members of The Durst Organization real estate dynasty, according to new filings with the city’s Campaign Finance Board.
About $550,000 came from donors outside New York City who live in the suburbs, Florida and other states — a continuation of a pattern displayed early in his tenure, when he held fund-raisers in Beverly Hills and Chicago in his first months in office.
…
The real estate industry once again also provided the largest donor base for Gov. Kathy Hochul, a Buffalo Democrat who narrowly won a full four-year term in November. Of the $4.5 million her campaign raised in the first six months of the year, more than $950,000 came from developers and real estate investors, and more from other industries with business before the state, according to an analysis of her public filings by The Times.
“Most of our elites are dead set against slowing down the [migration] train,” Good said, adding, “Voters have to make an off-ramp for themselves, and even more crucially, for their kids and grandkids.”
Extraction Migration
The federal government has long operated an unpopular economic policy of Extraction Migration. This colonialism-like policy extracts vast amounts of human resources from needy countries, reduces beneficial trade, and uses the imported workers, renters, and consumers to grow Wall Street and the economy.
The migrant inflow has successfully forced down Americans’ wages and boosted rents and housing prices. The inflow of compliant and hardworking migrants has also pushed many ordinary or less-productive Americans out of careers in a wide variety of business sectors and has contributed to the rising death rate of poor Americans.
The lethal policy sucks jobs and wealth from heartland states by subsidizing coastal investors with a flood of low-wage workers, high-occupancy renters, and government-aided consumers.
The population inflow also reduces the political clout of native-born Americans because the population replacement allows elites to divorce themselves from the needs and interests of ordinary Americans.
In many speeches, border chief Alejandro Mayorkas says he is building a mass migration system to deliver workers to wealthy employers and investors and “equity” to poor foreigners. The nation’s border laws are subordinate to elite opinion about “the values of our country” Mayorkas claims.
Migration — and especially labor migration — is unpopular among swing voters. A 54 percent majority of Americans say Biden is allowing a southern border invasion, according to an August 2022 poll commissioned by the left-of-center National Public Radio (NPR). The 54 percent “Invasion” majority included 76 percent of Republicans, 46 percent of independents, and even 40 percent of Democrats.
