"Not having 20 million illegal aliens who need to be housed (often at public expense) will absolutely make housing more affordable for American citizens," Vance said in a June X post. The senator was responding to a post claiming that Trump's policies won't make homes more affordable. 

READ MORE: How would a second Trump presidency change the mortgage industry?

Vance in the past has wavered on his agreement with Trump's policies. Before the former president's win in the 2016 election, Sen. Vance had repeatedly questioned Trump's character, but has since walked back those reservations. 

The senator has often called the nature of the southern border a "crisis" and eventually called for the funding and construction of Trump's border wall, according to NPR. Appearing on Fox News in June, Sen. Vance said the United States should carry out "large-scale deportations." 

READ MORE: How Project 2025 would change U.S. mortgage policy

The Republican presidential candidate has been historically vocal on the subject of immigration, and his 2024 campaign platform includes the goal to "seal the border and stop the migrant invasion."

In the first presidential debate of this election season, housing affordability was hardly mentioned, but Trump said he's making efforts to lower broader inflation. President Biden, the only candidate to address housing affordability explicitly, recently announced his proposal of the Biden-Harris Housing Plan that involved a 5% cap on rent increases, which received pushback from mortgage industry leaders. With the news over the weekend that Biden will be stepping out of the race, the successor he endorsed, Vice President Kamala Harris, is likely to continue supporting the current administration's initiatives. 

In a Senate Banking Committee hearing on rural housing legislation last May, Sen. Vance said the housing crisis is partially caused by the more lax immigration policies of the Biden administration and Democratic Party. 

"I want to focus on one of the under-discussed components of the housing crisis in our country today, and that is its connection to mass illegal immigration," said Vance to witnesses. "I think that a lot of our friends on the other side of the aisle have convinced themselves that lax immigration is somehow a compassionate thing to do." 

To support his argument, Sen. Vance cited what he described as historically precedented increases in housing costs and rents following mass immigration into countries, metro areas and counties. 

Starter homes have been the most impacted by the housing inventory shortage, and thus their prices have remained elevated. Immigrants typically settle down in neighborhoods with the lowest housing values. Sen. Vance said in the hearing that as a result, many other Americans are unable to enter the housing market.

READ MORE: MBA's Killmer on election stakes for mortgage players

"In the neighborhood where you have the highest inflow of immigration, you also have declining home prices," said Senator Vance. "Rich people who have homes in low immigration areas benefit from mass immigration policies and everybody else finds the American dream of homeownership further and further away because we've effectively invited five to 10 million people into our country to break our laws." 

Senator Vance said he believes that mass immigration into America has driven up housing costs due to increased competition. 

"We cannot, as a country, absorb 10 million people and still provide high-quality housing to the rest of our citizens," said Senator Vance to witnesses. "The math doesn't work, the numbers don't make sense, the increase in housing prices and rents is clear for all to see."

Senator Vance has not spoken publicly about his strategies to hypothetically carry out a mass deportation, although former Trump officials said resources would be needed from government agencies like the Pentagon in order to relocate migrants, according to NBC News. 

READ MORE: What will happen to credit risk transfers after November?

Vance also said in June that he condemns allowing foreign investors to buy up American farm land and single-family homes. The senator said he is in favor of "a true pro-family policy combined with lower housing costs, and of course combined with getting illegal aliens out of our country that are poisoning our streets." 

Although former President Trump has distanced himself from Project 2025, a major restructuring plan that would impact all government agencies involved in financial services, some believe a second Trump administration would pursue many of the initiatives described therein. The plan includes breaking up HUD, raising the FHA's mortgage insurance premiums, unwinding the CFPB and releasing Fannie Mae and Freddie Mac from conservatorship. It would also limit the Federal Reserve's ability to intervene in the mortgage-backed securities market, among other plans. 

Project 2025 was developed by The Heritage Foundation, a conservative thinktank that also has ties to JD Vance. 

Prior to the news that Biden would not seek reelection, a debate between Vice President Kamala Harris and the Ohio senator had been scheduled to take place on either July 23 or Aug. 13 CBS News.