Former President and GOP candidate Donald Trump announced a proposal to ban undocumented immigrants from obtaining home mortgages, arguing that this measure would help ease rising home prices.
Trump made these remarks during a policy speech to the Economic Club of New York, where he linked undocumented immigration to increased housing costs despite evidence suggesting that such buyers represent only a small fraction of U.S. home sales, according to The Wall Street Journal:
"Home loans to undocumented people living in the U.S. are legal but they aren't especially common. Between 5,000 and 6,000 mortgages of this kind were issued last year, according to estimates from researchers at the Urban Institute in Washington. Overall, lenders issued more than 3.4 million mortgages to all home purchasers in 2023, federal government data shows."
Trump did not specify how he would implement the proposed ban, which has drawn criticism from affordable housing advocates and real estate professionals who argue that the proposal would do little to address the broader housing affordability crisis.
David Dworkin, president of the National Housing Conference, described the debate to WSJ as focusing on a "minuscule segment of the market" instead of addressing more significant issues affecting home buyers.
In his speech, Trump also suggested other measures to reduce housing costs, such as cutting regulations for builders and expanding construction on federal land. These proposals echo some ideas previously outlined by Vice President Kamala Harris, who has also addressed housing affordability during her campaign.
Other economic proposals from Trump's speech
Besides the mortgage ban, Trump also described several other economic proposals, reported by Reuters:
- Sovereign Wealth Fund: Trump proposes a fund for infrastructure projects, funded by tariffs.
- Tax cuts: Cut corporate tax to 15% for U.S. manufacturers; eliminate taxes on tips.
- Elon Musk as Efficiency Czar: X CEO to lead a panel to eliminate federal waste.
- Energy Emergency: National emergency to boost domestic energy.
- Housing Affordability: Open federal land for low-tax, low-regulation housing zones.
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