Impact of President Biden's Mass Migration Policy on Housing Inflation

President Joe Biden's mass migration policy is causing housing inflation, leading to higher interest rates and mortgage rates. Industry executives attribute the lack of housing price drop to increased immigration, which benefits landlords and housing investors but diverts investment from productivity-enhancing areas. Federal Reserve Bank presidents have expressed concerns about the impact of immigration on inflation and interest rates. The influx of over 10 million migrants since 2021 has created a demand shock, driving up housing demand and prices. The Federal Reserve is trying to combat inflation by raising interest rates, impacting homeowners and renters. Younger Americans face the burden of higher mortgage rates and reduced homeownership prospects due to the immigration-driven inflation.