"A significant amount of the inflation that we experienced for years is because we threw millions of new people into the country without sufficiently expanding the housing stock and sufficient expansion of other forms of fixed capital," Miran said...
Fox News: “Do you agree with the Vice President… that the number of people that came into the country illegally is one of the major factors that drove up housing prices?”
Fed Governor Stephen Miran: “So I absolutely believe that is the case… The supply of homes adjusts only very slowly, and if you throw a large number of new people into an economy, you’re going to push up the price of housing because people need a place to live.” “And the supply of homes can’t expand instantly. It takes time.”
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