Joe Biden stood in El Paso in January 2023 and told America his border was under control.
Now the Federal Reserve just released a paper proving what that open border actually cost you.
The Fed's own economists confirmed Biden's illegal immigration surge drove home prices up 30% and rent up 20% – and they have the receipts.
The Numbers Biden Never Wanted You to See
The Dallas Fed researchers didn't use activist estimates or advocacy group data.
They built their own dataset from individual immigration court filings and government administrative records – the most granular accounting ever done on this question.
What they found was damning: for every 1% increase in unauthorized workers relative to a local labor force, home prices shot up 2.2% and rents climbed 1.4%.
Seven million unauthorized immigrants poured across Biden's open border during those four years – more than double the rate of legal immigration in any comparable period.
Seven million people needed somewhere to sleep.
Builders didn't build fast enough to absorb them.
So prices exploded.
American families – people who did everything right, saved their down payment, worked their careers, tried to move into their first home – got priced out by a crisis Biden created and then lied about.
This wasn't a mystery force.
This wasn't the market.
This was a policy decision with a price tag paid entirely by ordinary Americans.
This Pattern Has a Name
This isn't the first time Americans have watched a sudden immigration surge destroy housing affordability for working-class families.
In 1980, roughly 125,000 Cuban immigrants arrived in Miami during the Mariel boatlift – adding 9% to the city's renter population almost overnight.
Rents in Miami immediately surged 8% to 11% higher than comparable cities, and that gap was still 7% three years later.
https://twitter.com/TheInformantUSA/status/2073972535084101783?s=20
That was 125,000 people.
Biden imported 7 million.
Economists have studied the Mariel boatlift for decades because it proved the mechanism so cleanly: flood a housing market with demand, and prices follow.
Biden ran that same experiment on the entire country – and then told you it wasn't happening.
What Trump's Border Shutdown Already Fixed
The same Dallas Fed paper that exposed Biden's housing bomb also found the crisis started reversing the moment Trump took power.
The authors documented a stark slowdown in illegal immigration coinciding with Trump's inauguration.
By February 2025 – just weeks into the new administration – illegal immigrant flows had gone negative.
The same cities that saw the biggest surges during Biden's open border are now seeing the largest outflows.
Vice President JD Vance made the connection explicit: housing costs have started stabilizing for the first time in years precisely because Trump enforced the border the way Biden refused to.
https://twitter.com/FoxBusiness/status/2071606390234243521?s=20
A separate HUD investigation confirmed the damage Biden left behind – his immigration-driven demand surge had pushed housing costs to crisis levels for lower-income Americans who didn't qualify for government assistance but couldn't keep up with the market Biden broke.
Working-class families got crushed first and worst.
The Verdict the Media Buried
Trump was right.
He said it in 2015, in 2020, in 2024, and Democrats called him a racist every single time.
Now the Federal Reserve Bank of Dallas – not a campaign ad, not a conservative think tank, not a right-wing website – has confirmed in a peer-reviewed working paper that Biden's open border directly, measurably, and significantly inflated the housing costs destroying American families.
The Center for Immigration Studies testified to Congress with the same conclusion.
The media called anyone who connected illegal immigration to housing costs a conspiracy theorist.
The Fed just called it economics.
Sources:
- Daniel J. Wilson and Xiaoqing Zhou, "The Impacts of Unauthorized Immigration on U.S. Labor and Housing Markets: New Evidence from Administrative Microdata," Federal Reserve Bank of Dallas Working Paper 2607, March 2026.
- John Binder, "Fed Report: Biden's Record-Breaking Illegal Immigration Raised Home Prices for Americans," Breitbart, June 22, 2026.
- Breccan F. Thies, "Fed Study: Illegal Immigration Caused 30% of Home Price Spikes While Deflating American Wages," The Federalist, June 30, 2026.
- "White House Shows How Trump's Migration Reforms Cut Housing Costs," Breitbart, June 23, 2026.
- "WSJ: 'Easing' Rent Prices Coincide with Less Immigration to U.S.," Breitbart, October 29, 2025.