NIMBYism and life after the foreclosure crisis

A few weeks ago, I came across the National Association of Realtors' Field Guide to Effects of Low-Income Housing on Property Values while working on a consulting project. The web page is a great resource, with links to research, guides and news stories on the relationship between subsidized housing and property values. The National Association of Realtors' resource is designed to dispel the fears that accompany local opposition to affordable housing development, also known as NIMBY (Not in my backyard). Most of the studies on the page (and elsewhere) suggest that subsidized housing, especially when it is managed well, is compatible with the design of the neighborhood and is at a reasonable scale, has little or no impact on neighboring property values.

Looking through this information, I realized that I haven't thought about NIMBYism in a long time. I'm not sure if this is because I've been spending too much time confined to my home office or if it is because people now have bigger worries about declining property values. When it comes to NIMBY, foreclosures are the new subsidized housing. 

An article in USA Today from 2004 ("Most back affordable housing next door") cites a NAR survey, which suggested that the high cost of housing had brought a greater level of acceptance for affordable housing. The lack of affordable housing was no longer a problem limited to the poor. People were worried that their children, grandchildren and relatives could not afford to live in their community. 

At some point, the housing market will turn around, property values will stabilize and new affordable housing developments will be proposed. How will the experiences from this housing crisis shape our fear over property values and affordable housing? For now, I will keep the Field Guide to Low-Income Housing on Property Values bookmarked.