Precisely! I've linked a great article from Vox about how home ownership changes people. In a nutshell, most peoples' largest asset is their home, so they have

Precisely! I've linked a great article from Vox about how home ownership changes people. In a nutshell, most peoples' largest asset is their home, so they have strong incentives to protect its value. Because the housing crisis is fundamentally a supply crisis, it also causes them to take on a scarcity mindset. This leads to your classic NIMBY behavior, wherein homeowners show up at city council meetings to oppose literally anything going up in their neighborhoods. The end result is that NIMBYism does prop up home values, but, mostly because existing homeowners oppose the building of any more homes in their neighborhoods, thus perpetuating the crisis that caused them to behave this way. You can read about this, plus some background on relevant research here: https://www.vox.com/the-goods/22597947/homeowner-nimby-affordable-housing-local https://www.vox.com/the-goods/22597947/homeowner-nimby-affor...