But NIMBYism holds back the development that might lower rent. I understand why property owners don't want development, it can undermine the value of their property. But why don't renters want development?
Because even densifyig redevelopment usually does that, and not accidentally.
> They don't realize that by opposing development they're actually restricting supply, and thus increasing prices.
The people concerned about displacement have a preference for their current location that exceeds the cost savings they might realize by being displaced by a new development, even if that development drove down average prices in the broader area by upply side effects (which it might not; because new development can attract new people, induced demand can prevent local price reductions.)