Immigration Crackdown Slashes 2025 Net Migration By Up To 650,000; Rental Demand Cools, Construction Labor Squeezed

Economic and housing analysts say aggressive enforcement and cuts to legal pathways are driving a sharp 2025 decline in net migration, easing rental demand in metros that absorbed many recent arrivals (NYC, Miami, Houston). Experts warn effects on construction labor could tighten over time and trim GDP growth modestly, though market-wide housing impacts will unfold gradually and remain overshadowed by broader affordability dynamics for now.