b) That's not how markets work because increased demand should create an incentive to increase supply. Vance can only be correct if the housing supply is necessarily stagnant. It's not, so the problem lies with our inability to meet the demand for housing.

a) That's not how housing works because it's hyper-local; prices can only increase to the degree that immigrants have concentrated in an area. Immigrants don't spread themselves out uniformly, so a national housing cost crisis must have other root causes. And...

The fact that the study indicates that immigration accounts for a small minority of the rise in prices indicates that Vance is being disingenuous, at best. But from a theoretical perspective...

Do you think this supports Vance's point?