Illegal Immigrants and the Housing Bubble

“Why would we expect the border-control and immigration bureaucracies to be any different? This is especially the case when potential immigrants have such a powerful economic interest in moving to the United States. The rest of the world has made tremendous progress in recent years by adopting more liberal economic policies, but there is still a huge gap between the standard of living in America and that of places such as Mexico, South America, Africa, Eastern Europe, and Asia.

The question remains: why all the recent immigration? I believe that the answer lies to a large degree with the housing bubble in the United States. The normal number of housing starts is about one million per year, but housing starts have exceeded one million every year since the early 1990s. The housing bubble appeared in the wake of the bursting of the technology stock bubble and only began to unravel in 2006. Housing starts have already returned to normal levels, but are soon likely to go below normal levels.”

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