"What changed? The most compelling theory holds that a mixture of rapid inflation and generous federal-tax policy encouraged homeowners to treat their house as

"What changed? The most compelling theory holds that a mixture of rapid inflation and generous federal-tax policy encouraged homeowners to treat their house as an investment, providing a strong incentive to oppose new construction." This is the reason existing home-owners oppose building apartments and townhouses nearby. High-density housing lowers the value of their home, which costs them money. It also tends to increase crime rates. It's difficult to persuade a home-owner that they should give up some of their home's value just so that others can benefit from a larger supply of affordable housing. What does the homeowner have to gain other than thanks?