During Tuesday night’s vice-presidential conversation, Ohio Senator JD Vance, the GOP vice-presidential candidate, made a pointed debate about the influence of illegal immigration on the U. S. cover market, claiming that an influx of immigrants is contributing to rising housing expenses. Vance pledged to publish his sources on social media after the debate, a promise he quickly kept when one of the CBS News editors asked him to provide supporting evidence for his state.
As promised earlier now, these is Michelle Bowman of the Federal Reserve Board of Governors:
The flows of new immigrants to some regional areas might cause rents to rise, according to the current low supply of affordable cover. co/dfO0wFmyPs photograph. twitter.com/KfDjPaZC7G
— JD Vance ( @JDVance ) October 2, 2024
Following the discussion, Vance shared comment from Michelle Bowman, the government of the Federal Reserve, and two studies that back up his claim. Bowman made a point in his remarks by highlighting the link between emigration and housing costs, saying that “given the current low stock of cheap housing, the inflow of new immigrants to some geographical areas may result in an increase in rent pressure.”
Additionally, Vance’s post cited a study from the *Journal of Housing Economics* that found that “immigration inflows into a particular Metropolitan Statistical Area ( MSA ) is associated with increases in rents and house prices in that MSA while also appearing to drive up rents and prices in neighboring MSAs.”
Further supporting his argument, Vance posted an analysis from the Congressional Budget Office ( CBO ), which noted that “increases in immigration raise state and local governments ‘ spending—particularly on education, health care, and housing—more than their revenues”. This suggests that public housing programs are under further pressure due to rising costs from immigration.