Republican vice presidential candidate Sen. J.D. Vance of Ohio posted evidence Wednesday that he was correct in linking the immigration crisis to rising home prices during the vice presidential debate. .
Gov. Tim Walz, in discussing inflation and rising home prices, argued that immigrants should not be blamed for the growing problem of out-of-control home prices and housing stock problems.
“The biggest thing that turned housing into a commodity was giving it to millions of people who had no legal right to live here.”
Mr. Vance agreed, saying he knows exactly where the blame lies: at the feet of Vice President Kamala Harris.
“We don't want to blame immigrants for rising housing prices. But we want to blame Kamala Harris for letting millions of illegal aliens into this country, which is driving up costs. 25 million illegal aliens are competing with Americans because scarce housing is one of the most important drivers of home prices in this country, under the leadership of Kamala Harris. “There has been a huge increase in housing prices that has paralleled a huge increase in the illegal alien population,” Vance said.
“There are a lot of Americans who need homes. We need to get rid of the illegal immigrants who are competing for homes, and we need to build more homes for Americans who deserve to live here.”
The debate moderators, Norah O'Donnell and Margaret Brennan, then gave Walz the opportunity to respond to Vance's accusations.
Not surprisingly, Walz claimed that was “not true” before complaining that Vance had not been fact-checked. So what did the moderators do? They continued to fact-check Vance.
“Senator, I would like to be clear on that point. There are many factors behind rising housing costs. What evidence is there that immigration is part of this problem?” Brennan asked Vance. asked.
Vance quickly quoted the Fed and promised to post receipts on social media once the debate was over. He explained that the study “extraordinarily delves into the relationship between the rise in immigration, especially illegal immigration, and rising house prices.”
“Of course, Margaret, that's not the entire cause of rising home prices. It's also Kamala Harris' regulatory regime,” Vance continued. “Look, we're a nation of builders. We're a nation of doers. We're a nation of explorers. But our federal government is making it harder and harder to develop resources, to build things.” We want to put people in prison who didn't do exactly what Kamala Harris said.”
“And what that means is there are a lot of people who want to build a house but can't build a house,” he added. “We need to get out of this idea of housing as a commodity. But the biggest thing that has turned housing into a commodity is providing housing to millions of people who have no legal right to live here. It’s about giving.”
After the debate, Mr. Vance made good on his promise and posted comments about Federal Reserve Board member Michelle W. Bowman's X.
Speaking at the Massachusetts Bankers Association annual conference in Key Biscayne, Fla., in May, Bowman said an “influx of new immigrants” was putting “upward pressure” on the housing market.
Regarding the current state of the economy, Bowman explained:
Finally, strong consumer demand for services, increased immigration and continued tight labor markets risk persistently high inflation in core services. Given the current low inventory of affordable housing, the influx of new immigrants to some areas may put upward pressure on rents, as additional housing supply may take some time to materialize. may occur.
In addition, the Dallas Fed came to the same conclusion.
“Increased immigration represents a labor supply shock and should be disinflationary. But immigrants are also consumers and increase aggregate demand. “While this should lower costs and prices, the influx of people could put upward pressure on rents and home prices, especially in the short term until new supply becomes available,” the Dallas Fed said in July. Explained.
Vance: “As promised.” said in X.
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