Here is the English translation:
A new study by the Federal Reserve suggests that President Joe Biden’s border policies were associated with rising home prices and rents across the United States.
Researchers at the Dallas branch of the Federal Reserve (Dallas Fed) analyzed economic and housing market data from 2021 to 2024, a period marked by a significant increase in unauthorized immigration into the United States.
The study argues that the increase in population contributed to higher housing demand in many cities and regions. When demand grows faster than the supply of new housing, it can place pressure on the housing market, leading to higher home prices and rents.
According to the study’s economic model, a 1% increase in unauthorized immigrant workers was associated with a 2.2% rise in home prices and a 1.4% increase in rents. These findings suggest that changes in population levels can have both direct and indirect effects on housing markets.
The researchers estimate that, in the average housing market studied, immigration may have accounted for roughly 30% of home price growth and about 20% of rent increases. However, they emphasized that immigration is not the only factor behind these trends.
They also highlighted that housing supply constraints play a major role. These include slow construction of new homes, rising building material costs, zoning restrictions, and other real estate market challenges. Together, these factors have limited the ability of housing supply to keep up with demand.
Overall, the study concludes that population growth through immigration may be one contributing factor to rising housing costs, but it is not the sole cause. Housing market outcomes are shaped by a combination of demand, supply, and broader economic conditions that continue to evolve over time.
