This will be an unpopular opinion here, but Biden has been backed into a corner on this. The immigration system is fundamentally broken and not equipped to deal with modern needs, but that has to be fixed by Congress. Biden had legislation he was favoring, and regardless of what your opinion on it was, Republicans made it clear they won’t let absolutely any changes to immigration happen with a Democrat in the White House, no matter how much they may agree with them.
His options under executive action are extremely limited. The strategy of letting the system flounder to illustrate the need for reform has only worked against him, so now he’s trying something else. I don’t agree with the current system, the reforms that he proposed, nor this executive order, but man, there just isn’t a good solution here, and he’s feeling the political pressure on it, which while it may be misdirected is nonetheless real.
There’s also the question of disposable income. Top X% have more wealth and income than us, and that excess is basically all disposable. Most of the income and “wealth” of the bottom of the economic ladder is tied up in survival needs, so it’s even less of a possibility than at first glance.