Abstract: In recent years, the "competition for talent" between cities has become increasingly fierce. This paper uses data from 70 large and medium-sized cities to conduct an empirical test by constructing a double difference model. Studies have shown that the New Talent Policy has a significant positive effect on housing price fluctuations and economic growth, and can drive urban housing prices and economic growth; in the relationship between New Talent Policy and economic growth, house prices have an intermediary effect, and New Talent Policy can indirectly affect housing prices rise, which in turn drives economic growth; house price fluctuations have a negative effect on regulating the New Talent Policy and economic growth. When house prices are low, it will enhance the positive impact of New Talent Policy on economic growth, and when house prices are higher, it will weaken this Positive effect. Therefore, this article believes that we must adhere to the "no speculative housing" positioning, weighing a variety of factors, implement a differentiated new talent policy to promote urban innovation and development and improve the talent system and effectively allocate talent resources.