"They are wrong because of what they choose to ignore-overwhelming and increasing ownership of everything, including local housing, by private equity. They are also wrong because of the successful, years‑in‑the‑making developer narrative that if builders are simply allowed to do what they do best-build, build, build-the problems will be solved. And they are wrong because they are unaware of how many good things have come, and how many bad things have been defeated, by NIMBYs."
"While private‑equity partners cash in and pay a lower tax rate than the rest of us, local services and products plummet in quality and mushroom in cost. But private equity is also buying up new homes and old ones everywhere. Rising rents, higher sale prices, and lower maintenance follow. This puts available and affordable homes out of reach of individual buyers."
Many attribute the country's housing crisis to local NIMBYism and excessive government regulations, arguing too few new homes get built because residents obstruct development and regulations slow projects. That diagnosis ignores overwhelming and increasing private‑equity ownership of housing and other local services. Private‑equity buyouts of hospitals, nursing homes, daycare programs, local utilities, manufacturers, and newspapers have produced lower service quality and higher costs, and private equity is buying new and old homes nationwide. Rising rents, higher sale prices, and deferred maintenance place available and affordable homes out of reach for individual buyers in places from Bozeman to New York City.
Read at The Nation
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