3 ms·
A large influx of units devalues similar homes in the same general location. People don't want their home price to drop. They may not have bought it specificall
by skizm 7y ago
A large influx of units devalues similar homes in the same general location. People don't want their home price to drop. They may not have bought it specifically as an investment, but if you buy something for $500k and 10 years later it is worth $400k, you're not going to be happy. You might even go underwater on a mortgage because you only put 3% down for your first home.
I'm not saying it's right, but I do understand why NIMBY syndrome exists. People would be fine with more housing, more skyscrapers, or whatever if their home price wasn't directly affected.
- badfrog 7y agoThat would be an understandable objection (though IMO extremely selfish and terrible). What people are actually saying is the exact opposite. Something along the lines of "If these apartments get built, the neighborhood will become more desirable for rich people and my rent will go up." That and all the usual complaints about "it will be harder to find parking", "the streets will become too congested", etc.