- EJ Antoni at Heritage Foundation argues that the influx of millions of illegal aliens into the United States over the last 3½ years has significantly increased housing demand, leading to skyrocketing home prices as basic economics dictate that increased demand raises prices.
- The article asserts that while many blame the housing crisis on government overspending and interest rate manipulation, few recognize the role of open-border policies in escalating home prices, highlighting that curbing illegal immigration is necessary for housing market stabilization.
Overview:
This article was written by EJ Antoni at Heritage Foundation and highlights the following key insights:
- The surge in illegal immigration over the past 3½ years has significantly increased housing demand in the United States.
- To stabilize the housing market, the entry of illegal aliens must be curtailed.
Key Quotes:
- "Anyone who thinks you can explode the demand for housing by 80% to 100% and not cause prices to go through the roof is delusional."
- "If Americans want their housing market to stabilize, the flood of illegal aliens across the southern border must cease."
What They Discuss:
- The current housing affordability crisis is partially attributed to government overspending and manipulation of interest rates.
- The influx of millions of illegal aliens has exacerbated housing demand, particularly in states that provide additional housing assistance to illegal aliens.
- Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, acknowledges that increased housing demand raises prices—aligning with basic economic principles.
- The article disputes claims that illegal aliens have driven down housing prices by working in residential construction, noting a lack of empirical evidence to support this notion.
- The influx of illegal aliens under the Biden administration has elevated housing demand, comparable to doubling the populations of entire states like Georgia or North Carolina.
What They Recommend:
- Halt the influx of illegal immigrants to mitigate increased housing demand.
- Enforce existing laws to remove those who have entered the country illegally.
- Prioritize American citizens in the formulation and implementation of housing policies.
Key Takeaways:
- The significant increase in housing demand due to illegal immigration has contributed to rising housing prices.
- For housing market stabilization, it is crucial to control and reduce illegal immigration.
- The radical left's open-border policies are seen as a significant factor in inflating housing costs, alongside government fiscal policies.
- Addressing the issue requires both halting the influx and removing those already in the country illegally to restore market balance and uphold the rule of law.
This is a brief overview of the article by EJ Antoni at Heritage Foundation. For complete insights, we recommend reading the full article.
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