Tipsheet

Fed Official Backs VP Vance: Illegal Immigration Drove Soaring Housing Prices

Scott McClallen
Scott McClallen  |  November 15, 2025 3:00 PM

Federal Reserve Governor Stephen Miran told Fox News that deportations are slowing inflation. 

"A significant amount of the inflation that we experienced for years is because we through millions of new people into the country without sufficiently expanding the housing stock and sufficient expansion of other forms of fixed capital," Miran said. 

He continued: "The truth is that they're living somewhere, and that's a place where other people in America aren't living, and that was inflationary." 

"Cutting down net migration to zero, potentially even negative because of the deportations that have been occurring, I think, is very deflationary." 

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.”

Trump's administration has targeted affordability, Housing and Urban Development Secretary Scott Turner told Fox News.

Vice President J.D. Vance blamed high housing prices partially on illegal immigration. In a Fox News interview with Hannity, Vance said that 30 million illegal immigrants flooded the country during the Biden administration and drove up prices. 

The youngest vice president in history questioned why young people voted for communists and radicals. He said that the Trump administration is trying to bring down costs so young people can own a home. 

Trump’s administration has cut some tariffs and is investigating alleged price-fixing in the meat-packing industry.