Washington, July 7 -- A new Federal Reserve working paper has revealed that the record-breaking spike in illegal immigration during the Joe Biden administration served as a primary catalyst for escalating property prices and rental costs across the US.

The publication of the study coincides with a period in which immigration remains a highly contentious political battleground in the US. Republican lawmakers contend that the border strategies implemented by the former US President heavily overextended public infrastructure and the housing market. Conversely, Democrats maintain that the incoming workforce played a vital role in resolving acute labour deficits and strengthening broader economic expansion.

In an effort to quantify the preci...