In doing this, you are no longer an owner, thus no longer have a vested interest in limiting housing.
You profit from this, but at the expense of your neighbors. Imagine the opposite scenario where all over your neighbors do this, but you're the single hold out. Would your home be worth more, less, or the same with twice (or more) the number of people living on the block? Obviously, we don't really know, but the holdout is likely fearful that their property value would go down dramatically.
You can see why people who have $1,000,000 mortgages don't want to see the value of their house fall to reasonable levels, because they'd be the ones taking the six-figure bath.
Your house is worth what people are willing to pay for it. Developers are willing to pay a lot for it since a multifamily building can yield a lot more rent revenue than a single family house. The house is probably worth more in this scenario.
> Imagine the opposite scenario where all over your neighbors do this, but you're the single hold out. Would your home be worth more, less, or the same with twice (or more) the number of people living on the block?
As a single family house its value would be less. But since all your neighbours already flipped their home for a developer building multifamily buildings, you surely can do the same, and as land to build an apartment building, your property probably is more valuable than it ever could have been as a single family home.
You profit from this, but at the expense of your neighbors. Imagine the opposite scenario where all over your neighbors do this, but you're the single hold out. Would your home be worth more, less, or the same with twice (or more) the number of people living on the block? Obviously, we don't really know, but the holdout is likely fearful that their property value would go down dramatically.
You can see why people who have $1,000,000 mortgages don't want to see the value of their house fall to reasonable levels, because they'd be the ones taking the six-figure bath.