July 12, 2026 / 5:00 AM CDT / CBS Texas.

A white paper by the Federal Reserve Bank of Dallas concludes that the record number of illegal immigrants during the Biden administration had a big impact on housing prices, rents, and employment growth.

The Federal Reserve Bank says its working papers are preliminary drafts and that the views expressed are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve System.