Mass immigration (legal and illegal) during the past few years has greatly increased the demand for housing in our country. As a consequence, reports an article in the Wall Street Journal, housing has become more expensive for average American home buyers and renters. This situation is particularly a problem for younger Americans who struggle to purchase their first home. The high cost of housing also contributes to the problem of homelessness in our cities.
Nevertheless, some groups benefit from the increasingly tight housing market. Among them are lenders, landlords, and real estate developers. This is a classic example of how mass immigration benefits the well-off at the expense of the less well-off.
As Neil Munro at Breitbart observes: “This migration-driven housing process sucks vast wealth from ordinary Americans and sends it to landlords and housing investors. This process also diverts investment dollars to real estate instead of the machinery, automation, and training that helps ordinary Americans raise their productivity and their wages.”
Read more at breitbart.com