Ep 298 - YIMBYism is Code for Gentrification with David Fields

Macro N Cheese

If NIMBY is the classist rejection of affordable housing ("Not in my back yard”), then YIMBY is sold as the progressive counter to it: “Yes, in my back yard; because I believe affordable housing should be widely available, even in my own neighborhood.” But of course, housing development has nothing to do with the needs of the poor or the working class. It has nothing to do with the public purpose.

Steve’s guest, political economist David Fields, explains:

“YIMBY is yes to housing in my backyard, but housing for developers to extract profit from land value. So build as much as possible within a given area and, in the end, extract as much as possible through rent extraction and land value appreciation. It's not, in my view, yes to actual affordable housing in my backyard to house working class folks. No, it's yes to luxury skyscrapers, luxury this, luxury that. Build as cheaply as possible for vested interests to maximize gain.”

YIMBY’s want us to believe that sheer quantity will bring prices down, because that’s how the market works. Those who object are accused of NIMBYism. In addition,

“They're economically illiterate, they're economically stupid, they don't know, they don't pay attention, and they're not letting the magic do its magic. Which, anybody who knows a modicum of economics and knows that supply and demand is institutionally configurated - not natural - should be flabbergasted and say, how did this get to be so popular, so celebrated? Well, there are vested interests involved.”

The episode explores the misleading narratives of YIMBYism and compares the market-driven approach to housing to trickle-down economics, emphasizing the constructed scarcity and profit motives behind urban planning. David points out the misuse of economic models like the Marshallian Cross, highlighting flaws in the market logic often used to justify YIMBY policies.

David and Steve talk about the broader neoliberal agenda of privatization and deregulation, and its stranglehold on government policies. Awareness and organization are needed to combat systemic class inequality in housing and beyond.

David Fields is from a critical realist and genetic structuralist ontology and epistemology. His work centers on the intricacies concerning the interactions of foreign exchanges and capital flows, with economic growth, fiscal and monetary policy and distribution, whereby critical attention is paid to the notion of endogenous money. He also delves into the political economy of regional development to study patterns with respect to the nature of housing, social stratification, and community planning.

@ProfDavidFields on Twitter