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Why Are There NIMBYs?

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)