In any market if you increase demand without increasing supply, prices will increase.
For something like housing there are a lot of factors; construction supply chain, construction labor, permitting processes, zoning, private equity/speculation, tax rates, inter-state immigration, inter-country immigration, etc.
If you have people immigrating into a localized area faster than housing supply increases, it will increase the price of housing.
If you have vacant homes somewhere else in the country than the places people want to be (or where the immigrants are going) then it will have no downward pressure on pricing. There is nothing meaningful in a point that assumes the entire country is one market, as if supply/demand isn't tightly coupled specific locations.
For something like housing there are a lot of factors; construction supply chain, construction labor, permitting processes, zoning, private equity/speculation, tax rates, inter-state immigration, inter-country immigration, etc.
If you have people immigrating into a localized area faster than housing supply increases, it will increase the price of housing.
If you have vacant homes somewhere else in the country than the places people want to be (or where the immigrants are going) then it will have no downward pressure on pricing. There is nothing meaningful in a point that assumes the entire country is one market, as if supply/demand isn't tightly coupled specific locations.