The value of the land goes up, but the potential rental income goes down due to increase in supply. For house-owners the net change in property value will likel

The value of the land goes up, but the potential rental income goes down due to increase in supply. For house-owners the net change in property value will likely be positive, but for apartment-owners it might well be negative. In any case, support for NIMBY suggests the current level of financial compensation is insufficient.