I've argued for a long time that mass immigration, including illegal aliens, has been a major factor in driving up the price of housing. This article from the Daily Mail seems to support my argument: "Picturesque suburb home to Trump golf resort sees housing market crash as unintended consequence of mass deportations." From the article:
Doral, a city of 80,000 residents about 25 miles northwest of Miami, has been experiencing an exodus of its Venezuelan immigrants which make up around 40 percent of its population.
Venezuelans are abandoning Doral so quickly that locals say they are leaving behind furniture and skipping out on rent, with some said to be driving out at night to avoid encounters with federal agents.
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Vacancy rates for Doral apartments have risen significantly as Trump's immigration crackdown has intensified, up from 5.6 percent late last year to 6.5 percent.
That's about 50 percent higher than the city's surrounding municipalities, which sit at 4.3 percent. Some buildings in the city are even seeing vacanies above 10 percent.
Leasing agents have pointed the finger at the fleeing Venezuelan population.
'They’re all telling me, "No, I can’t stay, my [temporary status] is expiring,"' Maria Eugenia Nucete, a Venezuelan-American real-estate agent who has worked in Doral for decades, told the Wall Street Journal.
Cool. If this happens across the country, then all the professionals that live out of their cars (looking at California especially) might be able to afford housing again.
ReplyDeleteAnd maybe if people can afford housing, other issues, like declining family formation, might also begin to correct themselves.
DeleteYes. All of our problems are downstream of immigration.
ReplyDelete