Big Real Estate Is Bad, Big Real Estate Is Good

It's not the contradiction you think

Last month, I wrote on the war brewing on the left between so-called NIMBYs and YIMBYs. The debate, framed in those terms, is overly simplistic, but it’s worth exploring the long-running tensions over housing development in New York City. After years of reflexive opposition to large, market-rate housing developments, more progressives and leftists in New York are coming down on the side of increasing supply amid a dire housing shortage. The Times recently spotlighted this same trend, noting how Tiffany Cabán, the democratic socialist city councilwoman, signed off on a new development in her Queens district that included a mix of deeply affordable and high-rent units. There is a growing recognition, based on academic research, that new housing construction will not suddenly hike the rents of apartments nearby, even if the buildings are catering to a luxury market.