Capitalisn't

Did NIMBYs Kill the American Dream?, with Yoni Appelbaum

Feb 20, 2025

Yoni Appelbaum, Deputy Editor at The Atlantic and author of "Stuck," discusses the housing crisis that has turned the American Dream into an American nightmare. He argues the real issue is mobility, not affordability, revealing that many affordable homes are located in less desirable areas. Appelbaum delves into the implications of NIMBYism on housing development and civic engagement, suggesting that zoning laws hinder opportunities. He advocates for state-level solutions to combat resistance and argues for a balanced approach to housing policies to reinvigorate equitable opportunities.

44:46

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Episode guests

Yoni Appelbaum

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Quick takeaways

The significant increase in home prices has made homeownership unattainable for many, particularly impacting young professionals' opportunities.

NIMBY sentiments and local governance issues are exacerbating the mobility crisis, hindering necessary housing developments and maintaining exclusivity.

Deep dives

The Myth of Homeownership as the American Dream

Homeownership is deeply ingrained in American culture, often perceived as synonymous with achieving the American dream. However, a recent survey highlights that many Americans now prioritize homeownership over traditional milestones like raising a family or obtaining a college degree. In reality, this ideal has shifted; the global financial crisis transformed homeownership from a dream into a nightmare for many, with affordability becoming a pervasive issue. Despite the increased average home price in the U.S. by nearly 80% from 2015 to 2023, the belief that homeownership is essential for personal success persists, overlooking the relative affordability of housing in various regions.

Intro

3min

Mobility Crisis: Rethinking Homeownership

25min

Zoning Dilemmas and Community Resistance

8min

Navigating Urban Development: The Dilemma of Housing and Historical Preservation

2min

Balancing Housing Needs and Homeowner Rights

4min

The Fallibility of Intentions and Mismatched Power in Lobbying

3min

“Homeownership is the American Dream.” This saying is so ingrained in our zeitgeist that most Americans don't even pause to question it. However, according to the Black Knights Home Price Index, the average US home price increased nearly 80% from April 2015 to April 2023. Census data reveals that the median household income only increased by 4% during this period. Homeownership has thus become increasingly out of reach, especially for young professionals. So, how did the American Dream become an American nightmare?

In his brand new book, “Stuck: How the Privileged in the Propertied Broke the Engine of American Opportunity,” The Atlantic’s Deputy Editor Yoni Appelbaum offers a contrarian view, arguing that the crisis in American homeownership isn’t actually about cost—it’s about mobility. There are many places in America where housing remains affordable and even dirt cheap. The problem is that those affordable options are in less desirable locations, with fewer opportunities for high-quality jobs, education, and health care. Thus, young professionals continue to migrate to communities where opportunities are bountiful, but housing is not.

Appelbaum joins Bethany and Luigi to discuss how Americans got “stuck.” Why does mobility matter so much? What are the implications of reduced mobility for Americans’ faith in capitalism and the belief that our country is still the land of opportunity? If treating a home as an investment—which many of us do—means less mobility, is being “stuck” so wrong for society? Together, the three of them unpack this entangled question of mobility, homeownership, and what it means for the reformulation of the American Dream.

Capitalisn't episodes mentioned:
Shattering Immigration Myths: Data Beyond Borders, with Leah Boustan
Raj Chetty's Surprising New Insights on How Children Succeed
What Happened to the American Dream? With David Leonhardt

Read an excerpt from Appelbaum's book on ProMarket (Penguin Random House)