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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)

This article has been cited by other articles:

				C. Schively Understanding the NIMBY and LULU Phenomena: Reassessing Our Knowledge Base and Informing Future Research Journal of Planning Literature, February 1, 2007; 21(3): 255 - 266. [Abstract] [PDF]

				W. A. Fischel An Economic History of Zoning and a Cure for its Exclusionary Effects Urban Stud, February 1, 2004; 41(2): 317 - 340. [Abstract] [PDF]