Academics say migrant inflows have minimal impact on pricesMigrants contribute to supply, easing prices, experts sayWASHINGTON, Oct 11 (Reuters) – Republican presidential candidate Donald Trump and members of his party running for the U.S. Senate are blaming immigrants for the rising cost of housing, though a review of economic data and independent research suggests their effect is limited.In making the argument, former President Trump and his allies are seizing on housing costs – a major economic concern of U.S. voters – as a reason to crack down on immigration, one of his core campaign issues.Unaffordable housing was registered voters’ second-biggest concern about the U.S. economy in an August Reuters/Ipsos poll. One in three voters cited housing costs, second only to the 56% who cited worries about income lagging inflation.Vice President Kamala Harris, Trump’s Democratic rival in the Nov. 5 election, has put housing at the center of her economic pitch to voters. She plans to spur new construction and reduce costs for renters and home buyers, largely through tax incentives.Over the past decade the U.S. has built new homes and apartments at about a 30% slower annual pace than before the 2008 financial crisis, leaving the market 1.5 million units shy of what would be needed to balance supply and demand, according to Freddie Mac estimates. Other forecasters, notably Moody’s Analytics, put the shortfall closer to 2.9 million units.That shortage plus COVID-fueled inflation have driven average rents up about 23% compared with 2020, estimates by Apartment List show. U.S. home prices have risen 50% in the last five years and rents have risen 35%, according to real estate firm Zillow.Immigration “is driving housing costs through the roof,” Trump told a rally in the battleground state of Arizona in late September, standing in front of a backdrop that read: “Make housing affordable again.”Speaking in Tucson, Trump pointed to the number of immigrants who have entered the United States in recent years compared to the number of houses built, two statistics also used by Kari Lake, the Republican Senate candidate in that state, as proof of their argument.”It’s just basic common sense,” Lake said in an interview. “These people have to live somewhere, and this is basic supply and demand.”In Wisconsin, Republican U.S. Senate candidate Eric Hovde told a local news outlet that closing the border would ease economic pain points.”We’re already having a hard time providing affordable housing and …
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