Vice President JD Vance established a link between illegal immigration and rising housing costs in response to a report on rental prices.
Vance Says ‘Still Much’ To Be Done To Tackle Immigration
Vance took to X late Wednesday to say that it is “as clear as day” that illegal immigration and skyrocketing housing costs are connected.
He also stated that he is “proud” the administration is moving in the right direction, while emphasizing, “Still so much to do,” referring to the Trump administration’s crackdown on undocumented migrants.
Vance’s post was a response to Scott Turner, the Secretary of Housing and Urban Development (HUD), who had shared a post about the decrease in illegal immigrants and the subsequent drop in rents.
Turner claims that no undocumented immigrants have been released into the U.S. for six months and that 2 million have been removed. He links these actions to rents falling for the fourth consecutive month, suggesting the trends are connected.
Rents Dip As Supply Outpaces Demand
Vance’s post comes at a time when the housing market is undergoing significant changes. According to a CNBC report, apartment rents have been falling, with vacancies reaching a record high. This trend is attributed to an increase in housing supply and a decrease in demand, particularly from young workers.
According to the report, U.S. apartment rents fell 1% in November to a national median of $1,367, marking the fourth straight monthly decline. Rents are now 1.1% lower than a year ago and 5.2% below their 2022 peak.
In November, The Kobeissi Letter cited data showing that, for the first time since 2005, new home prices have fallen below existing home prices. It highlights the dramatic shift, noting that new homes were 10% more expensive three years ago, and the gap reached 40% in 2012 after the financial crisis.
At the same time, the Trump administration has been touting affordability wins. In November, White House cited the Federal Reserve Bank of St. Louis to highlight that by late October, the average 30-year fixed mortgage rate had fallen to 6.17%, about 12% lower than when President Donald Trump took office. Shelter inflation, as per the Consumer Price Index, has also eased, with the 12-month rise in housing costs at its lowest point in four years.
However, Sen. Elizabeth Warren (D-Mass.) has accused the Trump administration of allowing landlords to “rip off renters” by endorsing alleged rent price-fixing and hiking the rent prices. Warren criticized the platform's algorithmic rent-setting tools, saying that instead of stopping these practices, Trump's Justice Department approved a deal that allows RealPage to keep overcharging renters.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
