In the debate over development, whether and where to build more housing depends on what you value.
Perhaps the character of a neighborhood in which you have a share. Kept by its neighbors in keeping out what threatens to depreciate it. Construction, overcrowding, diminution of parking spaces. A navigation center. Any loss to an established sense of place.
A quality of life argument on its face. That you may well be sincere in making. Which fact does not cancel the dividends to the shareholders who make it.
For what we really value are assets. The housing stock itself.
Appreciating to the extent that it is scarce. That its supply does not meet the needs of those entering the housing market. Who, by their sheer numbers, are made to trade in a kind of captive crowdfunding.
Not by providing capital to fund products’ creation, but instead demand for assets to fund their valuation.
No rewards or equity offered in return for this investment. While property owners reap the opportunity to build wealth lasting generations.
Think of all the things you could do with a share of the housing stock, kept or sold.
If you’re a NIMBY, you’re best off owning one.