Comment by kelnos
3 days ago
> The problem with "increase supply" is that existing property owners rarely want that.
Yup. I'm a weirdo who owns his home but wants a shit-ton more housing built in his city, even if it means my home value goes down. I do know some like-minded folks here, but I would be very surprised if we weren't in the minority.
And it makes sense. We're taught (in the US) to treat our primary residence as an investment, and for most US homeowners it's the most expensive asset they'll ever own, and will be their main vehicle for maintaining their wealth through their later years, and for transferring the remainder of that wealth to their children.
Given that, you'd either have to be self-sabotaging-ly altruistic, or otherwise wealthy enough (outside of your home) that a significant dip in your property's value doesn't tank your finances. I expect that describes a small number of people.
Increasing supply would see your property value rise astronomically. Suddenly there would be developers wanting to build a 30 storey building in place of your single family unit. The ROI on that 30 storey would be high enough for them to give you multiple millions of dollars for your land. What would decrease is the beauty of the neighborhood, but people can be taught to appreciate the beauty of highrise buildings