A new Federal Reserve working paper finds that the record surge in illegal immigration during the Biden administration triggered higher home prices and rents, according to the New York Post. The study adds to debate over immigration’s economic impact ahead of the 2026 midterms.
A working paper from the Federal Reserve Bank, published Monday, examines the housing-market effects of the unprecedented rise in unauthorized immigration between 2021 and early 2025. The study attributes higher home prices and rental costs partly to the demand pressure from new arrivals, the New York Post reports.
The paper, reviewed by the Post, joins a growing body of research and political debate over the fiscal and social costs of the Biden-era border policy. The finding aligns with critical assessments by Republican lawmakers and some centrist Democrats who have cited housing affordability as a key voter concern ahead of November 2026.
As The Zioneer reported on June 25, stronger-than-expected US growth data has already kept the Fed on course for potential rate hikes. The immigration-housing link adds a structural factor that could keep shelter inflation sticky, complicating the central bank's rate path. The paper’s full methodology was not immediately published, and the findings remain subject to peer review.
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