The far-left New York Times has finally admitted that mass migration causes the prices of commodities to skyrocket, including the cost of housing.
The NYT’s admission almost coincides with the first anniversary of the Congressional Budget Office report, which stated that “the greatest upward pressure on prices comes from increased demand for housing.”
The outlet was covering recent anti-immigration protests that rocked Mexico City, fueled by the increasing cost of living caused by the influx of foreign residents, especially Americans.
During the protests, thousands of the city’s residents took to the streets to protest the increasing cost of renting a house and the displacement of local residents, a phenomenon that the NYT now appears to confirm.
“The demonstration reflected the growing frustrations of many of the capital’s residents, who have watched rents skyrocket and old neighborhoods turn into swanky developments as the city has become a major tourist destination and a base for many so-called digital nomads,” the NYT reported.
However, the outlet barely raises the same concerns when illegal immigrants flock into American cities and cause demand for housing and the cost of rent to skyrocket, leaving many Americans unable to afford housing.
That phenomenon has been replicated across various North American cities, such as New York and Toronto, Canada, which have become unaffordable due to the increasing cost of rent caused by a housing shortage resulting from the huge influx of migrants.
Since 2015, Toronto has experienced a two-to-one ratio between immigration and housing, with ratios of three-to-one in 2021, four-to-one in 2022, and five-to-one in 2023, resulting in skyrocketing cost of renting and buying a house.
“House price surges in Toronto and Vancouver between 2015 and 2019, partly owing to much higher international migration, were the catalyst for significant changes in domestic migration patterns within their respective provinces,” Canada Mortgage and Housing Corporation wrote.
The government-run organization also admitted that Canadians were fleeing those cities due to the increased cost of housing.
“Recent examples of migration patterns responding to housing market conditions were the increased number of domestic migrants that moved out of the Toronto and Vancouver CMAs in the 2015-2019 period, owing to house price surges in those regions.”
Meanwhile, Ontario, which was the epicenter of unaffordability due to increased immigration, has begun to record a decrease in home prices and rent. This occurred after the Canadian government began restricting immigration through various measures, such as capping international student visas.
According to a 2017 study, “Immigration and Housing: A Spatial Econometric Analysis,” a 1% increase in immigration resulted in a 1.6% increase in house rent in surrounding Metropolitan areas (MSAs), due to the spillover effects of the receiving cities. The cost of houses also increased by up to 9.6% as locals fled the areas invaded by immigrants. For cities experiencing rates of increased immigration of nearly 8 percent, the impact is catastrophic.
Nevertheless, despite the mismatch between immigration and housing and the obvious implications, the left continues to laud unchecked immigration as a good thing.
Recently, another far-left publication, the Washington Post, warned that prices of hospitality services could increase if illegal immigrants who provide cheap labor were deported. However, most Americans are more concerned by the cost of housing, which usually takes the largest chunk of their earnings.
Wow, the NYT rediscovers basic economics. No wonder its audience has disappeared.