I doubt housing was such a hot-button issue in the past. I expect it's mostly financial: for most homeowners, their home is by far their highest-value asset, dwarfing any other savings they might have. As home prices have gone up, the effect of this has increased, and homeowners have become more and more fervent (politically) about protecting the value of their homes.
Any government proposal to increase the housing supply directly threatens this. These days, government officials who talk about doing things that decrease existing homeowners' property value get voted out, immediately.
It's incredibly short-sighted, but people vote against their long-term interests all the time.
I just bought a condo three years ago, and while it wouldn't feel good if its value decreased below the purchase price, I would gladly "pay" in that way for a more livable city, and more housing is key to that. I expect in the long run, making the city a nicer place to live would be better for my home's value anyway. But people won't care about their higher home value in 15 years if it drops for the first 3-5.
Any government proposal to increase the housing supply directly threatens this. These days, government officials who talk about doing things that decrease existing homeowners' property value get voted out, immediately.
It's incredibly short-sighted, but people vote against their long-term interests all the time.
I just bought a condo three years ago, and while it wouldn't feel good if its value decreased below the purchase price, I would gladly "pay" in that way for a more livable city, and more housing is key to that. I expect in the long run, making the city a nicer place to live would be better for my home's value anyway. But people won't care about their higher home value in 15 years if it drops for the first 3-5.