NIMBYs Argue New Housing Supply Doesn’t Make Cities Affordable. They’re Wrong.
Many people don’t want new housing in their neighborhoods and cities precisely because new housing would make things more affordable. Not only that, it means a lot of new people coming into areas with new political priorities.
The same point was advanced by the much more left-wing Los Angeles Tenants Union, which argued in a recent Medium essay that new market-rate housing construction “does not lead to lower housing prices, but rather spurs gentrification and displacement.”
Yet just today, The Wall Street Journal offered a stunning rebuke of this argument with a profile on the one city that demonstrates free market housing policies can really work: Tokyo.