Of course people don't want their investment to decrease in value, that's why they have to invent bullshit arguments to bolster their case and discourage development.

But it is important to call it what it is and not be distracted by their nonsensical reasoning. They want less development because they want their housing values to increase. And in this process, they don't care about the lives of other people who'd want to move here or about the long term negative consequences of reduced growth and economic activity as a result of their greed.

Think of all of the companies that don't get started or the things that don't get invented because they simply can't get the workers they need -- It is a sort of 'negative externality', little different from pollution or lung cancer, of the reliance on housing equity to fuel savings that we've come to rely on.