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While some U.S. cities are choosing to take a “not in my backyard” (NIMBY) approach to housing, others are adopting housing policies that promote higher density and allow a range of residential options to help alleviate the nationwide housing shortage. According to a recent report from real estate company Pacaso, the U.S. was short 2.5 million homes by the end of 2023. To combat this, cities such as Washington, D.C., Chicago, and Austin, Texas, are embracing “yes, In my backyard” (YIMBY) policies, which promote the creation of more diverse housing options.
"When it comes to solving the housing crisis, we need a dual approach: more construction and more efficient use of existing housing stock,” Pacaso CEO and Co-Founder Austin Allison said. “Communities across the country increasingly are open to innovative solutions, including higher density and co-ownership models that maximize the functionality of available homes. Embracing these strategies will lead to more options for homebuyers and better use of our limited resources."
