President Joe Biden’s flood of legal and illegal migrants is inflating the costs that ordinary Americans and their grown children must pay for housing, according to the Wall Street Journal.
“Global Migration Boom Keeps Housing Costs High: Surging immigration is boosting rents and supporting home prices, complicating inflation flight,” said the headline above a July 15 article in the Wall Street Journal.
The report cited a May study by Goldman Sachs, which said in an email that “rebounding immigration” is helping investors by bumping up housing prices:
[A] post-pandemic recovery in immigration appears to be boosting population growth, thereby lifting housing demand and limiting house price downside (Exhibit 5). This dynamic appears especially important in Canada and Australia, where immigration and population growth have rebounded most strongly.
Source: Haver Analytics, Goldman Sachs Global Investment Research
Similarly, an investigation of 18 countries by Canada’s…