New homes sales hit a two-year low, while prices soar nearly 20 percent
Sales of new US single-family homes tumbled to a two-year low in April likely as higher mortgage rates and soaring prices squeezed first-time buyers and those in search of entry-level properties
https://nypost.com/2022/05/24/new-homes-sales-hit-two-year-low-while-prices-up-nearly-20/
In related news: pricing on condos and apartments is higher than should be expected for the first-time buyers priced out of the housing market, due to government immigrant/subsidy policies.
Biden’s Housing Plan? More Vouchers and Tax Credits Mean Inflation and Dependency
What’s more, the additional vouchers will inject a wave of new federal funding, juicing demand — and price inflation — for all rental housing. That’s the effect of subsidized demand in a market without much new supply. The move will not diminish inflation; it will increase it.
Since the advent of public housing, federal policies have distorted housing markets for the worse. The Biden administration has at least signaled that it understands that regulation discourages construction. More broadly, however, it continues to double down on costly construction subsidies and dependency-inducing housing assistance. If diminishing inflation were really its top priority, it would not be pursuing the housing policies it has embraced.
May 24, 2022
https://www.aei.org/op-eds/bidens-housing-plan-more-vouchers-and-tax-credits-mean-inflation-and-dependency/
In the case of most federal rental assistance programs, including public housing, Housing Choice Vouchers, Section 8 project-based rental assistance, and rural rental assistance, most noncitizens with permanent status are eligible for assistance
https://crsreports.congress.gov/product/pdf/R/R46462
Most illegal immigrants in US receive government benefits, costing taxpayers billions
More than 25,000 undocumented workers receive subsidized housing, according to the U.S. Department of Housing and Urban Development.
April 22, 2019
https://www.foxnews.com/us/the-cost-of-illegal-immigration-migrants-cost-us-taxpayers-billions-a-year