Open Borders, Sky-High Rents: New Report Exposes How Democrats Priced Nevada Families Out

For years, Nevada families watched the cost of buying a home or renting an apartment spiral out of reach. Now, a new economic analysis is fueling Republican arguments that one of the biggest drivers of the affordability crisis wasn’t just inflation, it was the Biden administration’s open-border policies.

A new report highlighted by economists at the Federal Reserve found that unauthorized immigration accounted for roughly 30% of home-price growth and 20% of rent growth in the average metropolitan area between 2021 and 2024, adding new data to an issue that has become central to the political debate over immigration and affordability.

The findings arrive as rents are beginning to move in the opposite direction.

Since President Donald Trump returned to office and implemented sweeping border enforcement measures, net immigration has fallen by an estimated 54.7%, according to administration figures. At the same time, rents have begun declining across much of the country for the first time in years.

Nevada is no exception.

In Las Vegas, rents have fallen 9.7% from their Biden-era peak after climbing more than 20% during the previous administration, offering relief to renters who spent years watching housing costs outpace wage growth.

Republicans argue the connection is straightforward.

When millions of people enter the country illegally, housing demand rises faster than supply can keep pace. More competition for apartments and homes means higher rents, higher home prices, and fewer opportunities for working families trying to achieve the American dream.

The latest Federal Reserve analysis gives Republicans fresh ammunition as they continue linking immigration policy directly to the affordability crisis that has defined politics in Nevada for years.

That contrast is expected to play a major role in next year’s elections.

Republicans are already targeting Democrat Reps. Dina Titus, Susie Lee, and Steven Horsford, arguing all three repeatedly opposed funding immigration enforcement while supporting policies that contributed to the surge at the southern border.

No Democrat has drawn more criticism than Lee.

Earlier this year, the National Republican Congressional Committee accused Lee of pretending to fight corporate landlords while accepting campaign contributions from Don Mullen, the founder of a firm that has become one of the largest institutional landlords in Clark County and across the country.

Republicans say the contrast is striking.

While Lee has publicly criticized corporate ownership of housing, she has refused to explain why she accepted campaign money from one of Nevada’s largest Wall Street-backed housing investors.

In March, Lee declined to respond to questions about the contributions.

NRCC Spokesman Christian Martinez blasted the congresswoman at the time.

“Crooked Susie Lee is taking money from foreclosure kingpin Don Mullen, the same Wall Street operator who helped wreck America’s housing market and is now buying up homes while Nevada families get priced out,” Martinez said. “Mullen screwed America’s economy, and now Susie Lee is helping him screw Nevadans.”

The numbers underscore why housing has become one of Lee’s greatest political vulnerabilities.

Since Lee took office, rents in the Las Vegas metropolitan area have increased nearly 29.5%, leaving many first-time homebuyers and renters struggling to keep up with rising costs.

Republicans argue the problem was compounded by two forces working simultaneously.

On one hand, record illegal immigration dramatically increased housing demand.

On the other, Wall Street investment firms continued buying up single-family homes across Nevada, reducing the supply available to working families.

They contend Lee was on the wrong side of both.

Her Republican opponent, Marty O’Donnell, has made border security and expanding housing supply central pillars of his campaign. President Trump has similarly moved to curb institutional investment in residential housing while prioritizing stronger immigration enforcement as part of his broader affordability agenda.

RNC Spokesman Nick Poche argued the Federal Reserve analysis confirms what many Nevada families have experienced firsthand.

“Susie Lee’s pro-illegal immigration and anti-housing policies shoved working families out of the housing market because of increased demand from illegal immigrants and decreased supply,” Poche said. “Thanks to President Trump and Republicans, American families will be able to afford homes.”

For Nevada Republicans, the emerging narrative is increasingly clear. The affordability crisis was never just about inflation. It was also about supply, demand, border security, and political choices.

And with rents now falling as illegal immigration declines, Republicans believe voters are seeing the consequences of those choices play out in real time.

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