From the linked article:
Housing Market Dynamics
Immigrants living in the U.S. have added $3.7 trillion to the country's housing wealth between 1970 and 2010. Now, immigrant households collectively hold $5.4 trillion in housing wealth. As immigrants settle into communities, housing demand rises, supporting economic activity and boosting home values.
While increased housing wealth raises concerns about affordability, immigration has been shown to stabilize prices in declining areas. For instance, the influx of immigrants has stabilized Chicago's population and housing market. The peripheral neighborhoods of New York, San Francisco, and Atlanta have similarly benefited, counteracting declines and revitalizing communities.
A 2017 study found that a 1% population increase due to immigration correlated with a 0.8% rise in rents and home values. This effect was more pronounced in surrounding metros, with a 1.6% increase in rents and a 9.6% increase in home values.