Ministers should empower a new wave of “yimbys” (“yes in my back yard”) to boost local housing development and add up to 30% extra to the UK’s GDP, according to a new report from the Adam Smith Institute.
The document, published today by the free market think-tank, in partnership with new lobbying group London YIMBY, calculates that households would be up to £10,000 a year better off if more power was handed back to residents to decide where and how housing is provided locally.
The report, “Yes in my back yard: How to end the housing crisis, boost the economy and win more votes”, the report comes at a time of acute pressure on the government to fix the housing crisis and win back younger voters who are being priced out of the housing market.
The study suggests that the estimated loss to GDP, based on studies carried out in the US, comes from potential employees not being able to live near where they want to work, while the lack of housing also causes stress due to long commuting times and insecurity.
Speaking to EG, John Myers, co-founder of London YIMBY, detailed three recommendations that could help create more YIMBYs to promote, rather than vote down, new housing on their doorstep. Listen to the full interview above.
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