So if you turn your house into an apartment, you should come out ahead, but this only works if enough population growth (including immigration). Still a pretty

So if you turn your house into an apartment, you should come out ahead, but this only works if enough population growth (including immigration). Still a pretty bad investment. There are increasing returns to density, but they don't show up quick enough to defeat NIMBYism on the margins. The margins, of course, are where NIMBYism thrives. No one likes moving!