During his recent CBS News debate, Republican vice presidential candidate Sen. J.D. Vance stood by his assertions regarding the effects of immigration on housing prices. Despite challenges from moderators, Vance provided evidence, including quotes from Federal Reserve member Michelle Bowman.
Bowman had stated that new immigrants could increase rental prices due to low housing inventory.
“Here is Michelle Bowman of the Federal Reserve Board of Governors: ‘Given the current low inventory of affordable housing, the inflow of new immigrants to some geographic areas could result in upward pressure on rents,'”
Vance also referenced a Journal of Housing Economics study showing that “immigration inflows into a particular Metropolitan Statistical Area (MSA) is associated with increases in rents and with house prices in that MSA.”
Vance also cited a report by the Congressional Budget Office which revealed that “increases in immigration raise state and local governments’ spending—particularly on education, health care, and housing—more than their revenues.”
The debate ignited further Republican frustrations with perceived biased moderation, as Vance faced frequent interruptions compared to his opponent, Tim Walz.
