Trump Blames Biden Border Policy for Rising Home Costs

Former President Donald Trump blamed President Joe Biden's border policies for rising home costs during a campaign speech in New Hampshire on Tuesday. Trump cited a Federal Reserve study that he said showed unauthorized immigration is pushing up housing prices.

The study, conducted by researchers at the Federal Reserve Bank of Dallas, found that increased demand from unauthorized immigrants contributed to higher rents and home prices in certain markets. However, the researchers have disputed Trump's characterization of the findings, saying the impact is modest and localized.

Trump's remarks come as housing affordability has become a key issue in the 2024 presidential campaign. The former president argued that Biden's immigration policies have allowed millions of unauthorized immigrants to enter the country, straining housing supply.

The Biden campaign responded by accusing Trump of scapegoating immigrants and pointing to Trump's own record of rising housing costs during his presidency. Housing experts say the primary drivers of higher home prices are supply constraints, low interest rates, and demographic trends.

The Federal Reserve study estimated that unauthorized immigration accounted for a small fraction of the overall increase in housing costs, with most of the rise driven by other factors. Researchers emphasized that the findings should not be used to justify restrictive immigration policies.