The last fifty or so years of life in the United States has included numerous NIMBY efforts by residents (see recent examples here, here, and here). One of the reasons for NIMBY activity is to protect property values. Did NIMBY efforts lead to higher property values?

I was thinking about this recently after reading more Internet/social media chatter about the rise in housing values in recent decades. The appreciation in value is astounding in many places.

NIMBY efforts could have contributed to this in multiple ways. They may have limited housing supply. One common argument regarding promoting more affordable housing prices is to build more housing units. This will reduce demand for existing units.

Or, NIMBY movements may have limited what communities will build. When they do construct housing, it is of similar or better quality of what is already there so as to not create downward pressure on prices.

Or, effective NIMBY efforts have kept less desirable uses away from housing. In particular, single-family homes are often located away from other land uses perceived to threaten property values.

These actions led by residents may not be the only reason housing and property prices have soared. Residents are not the only actors with influence in housing markets and communities; certainly the actions of those involved in real estate, local officials, and others contributed to increased property values.

However, taking the long view, if NIMBYs have acted in order to protect property values, does it appear – whether they directly caused it or not – that this was successful?