Why Are There NIMBYs?

William A. Fischel

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Housing Market and Economics Property Rights and Legal Doctrine Urban Planning and Valuation

Abstract

An owner-occupied home is an unusual asset because it cannot be diversified among locations and because it is the only sizable asset that most owners possess. Among the uninsured risks of homeownership is devaluation by nearby changes in land use. Opponents of landuse change are called NIMBYs (“Not In My Back Yard”). This article submits that NIMBYism is a rational response to the uninsured risks of homeownership. It explores the possibilities and drawbacks of providing an insurance market to cover such risks. It concludes that some progress is being made towards developing such markets. (JEL R52)

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References

1988The Efficiency of the Market for Single-Family Homes 1997The Cost of Price Incentives: An Empirical Analysis of Motivation Crowding-Out 1999Incentives and Social Capital: Are Homeowners Better Citizens?1980Micro-Neighborhood Externalities and Hedonic Housing Prices 1996The social benefits of homeownership: Empirical evidence from national surveys 1996The Old Lady Visits Your Backyard: A Tale of Morals and Markets 1996New Visions for Metropolitan America 1982Micro-Based Estimates of Demand Functions for Local School Expenditures

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