not in my backyard

Performance Property Real Estate Question

How NIMBYs Have Made Housing More Expensive

Q: Gerald, I’ve been a builder for a while. I finally found a nice big lot where there is an old single family home that needs to be torn down. I’d like to build at least 4 townhouses on the lot but the town only allows for single family homes. Corey, Westfield, NJ A: The acronym, ‘NIMBY’ stands for ‘not in my backyard’ and it is a nickname for a person who objects to something in the area where they live while raising no objections to something similar in other places. NIMBYism is natural and expected for many homeowners who want to protect their most valuable asset (their home). Unfortunately, NIMBYs play a large role in exacerbating our critical undersupply […]

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