Literal NIMBY-ism, where the backyard is one's own property, is just straightforward property rights. They want to control other people's property and tell them what they can and can't do with it. That's basically communism.
Two comments about this...
- "Housing as investment" might not be the best policy
- Side effect of above, people have strong incentive to ignore all the negative externalities caused by that policy (ie, sprawl and lots of car mileage when society would better with more compact towns)
You’re allowed to advocate for your own interests, but there are limits to what you’re actually allowed to accomplish with that advocacy. At least in the US. You can’t just pass laws to confiscate the wealth of your political opponents, for instance. You can advocate for it (free speech), you just can’t do it.
I think the ROI criticism is generally off the mark. Most homeowners that resist rezoning, etc. are concerned about quality of life issues rather than home values (although those are aligned if significantly lower quality of life reduces home values). For example, the idea that I'd benefit if my area was upzoned because I could sell my home/land for much more doesn't appeal to me at all. I don't want to sell my home, and I don't want the neighborhood to change around me in a way that I would eventually want to.
Casting shadow on their backyard. Bringing noise to their street. Ultimately, lowering the value of their property.
The key problem of US housing is that a house is seen as an investment vehicle, which should appreciate, or at least appreciate no slower than inflation. Keeping prices high and rising can't but go hand in hand with keeping supply scarce.
Is this regularly true? IME, in Northern VA, land values have always increased with infill development. Thinking specifically of Arlington in the Courthouse/Ballston/Clarendon strip in the 90s and 00s. And now Reston.
Traffic and noise concerns might be legitimate, but I'm not buying the loss of value argument.
Is it always true? More than once I heard fears about undesirables moving in, crime rate growing, the neighborhood "losing its character" that commands the high prices, etc. The resistance is real at some places.
The land value argument is downstream of the real issues - some people don't want change and fight it.
If it was purely a money question you could just get some billionaire to go around buying out entire neighborhoods, redeveloping them, and turning around and selling them off for a profit (because they'd be worth more, right?) - the fact that this is not being done either means there's a great new startup or there are other issues.
NIMBYism has always been about nosy people obstructing progress.