Multifamily development faces numerous challenges, including limited land availability, insufficient capital, high interest rates and inflation. These issues have been compounded by the NIMBY (“not in my backyard”) sentiment that emerged in the 1970s and has become a major obstacle for real estate development in the United States.
The catch-22 situation arises from a growing population and an urgent need for more housing, while NIMBYs oppose new developments in their neighborhoods. On the other hand, YIMBYs (or “yes in my backyard” advocates) include renters, developers, investors and affordability advocates who support new housing projects.
NIMBY concerns stem from fears of declining property values due to dense multifamily developments. Many long-term residents are emotionally attached to their homes which they have lived in for decades. They also worry about increased crime rates and traffic congestion as well as changes to their neighborhood’s character.
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