Stephen Miran

If we have a material...

downward population shock because we have negative net migration, that's a net increase in the supply of shelter.

And I think that the study that I cited in the speech on Monday, work by Albert Saez, found that an elasticity of one, basically, that a 1% increase in the number of immigrant renters leads to a 1% point change in the rents.

Well, I mean, you know, I have good reason for expecting that the immigration story is going to persist at least for another three and a half years.

And I think quite likely potentially after that also.

So I'm not convinced that immigration is really a short-term story.

Look, you know, I love this country and I'm happy to serve this country in any way that I'm asked to do so.

But personnel decisions are not decisions that I make.