You can see it in the Japanese data. Japan is more or less closed to immigrants, is experiencing a (for now) slow population decline, and house prices are plummeting.

Japanese data shows the opposite, unless you think they weren't a closed country in the 80s. In fact, Japan has been my counterpoint to anybody claiming the housing crisis was caused by immigration.

> Japan is more or less closed to immigrants, is experienced a (for now) slow population decline, and house prices are plummeting

Japan also famously builds lots of housing. (Agree they are a good example, though, for measuring these effects.)