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Counter-argument: "We're full"
There's various reasons why people are opposed to new housing in Vancouver ("NIMBY"). One reason is small-c conservatism: people like the neighbourhood the way it is, that's why they live there! Another is financial: homeowners are naturally concerned about the potential impact to property values, since their home is their most valuable asset, and with a detached house selling for $2 million, the stakes are super-high.
I think the strongest argument is "we're full." People fear that an influx of more families to the neighbourhood will overwhelm public services like schools, daycares, roads, and parking. Video of Michelle Segal, from the Fraser Street Neighbourhood Coalition, speaking at a public hearing in July 2019. "More height means more people."
I sympathize, but I think the appropriate response is to add more capacity to serve a larger population, not to block projects that will add more housing. Adding more housing and more families results in an increase in property-tax revenue, which in turn helps to fund services like transit and daycare.
Using high housing costs to keep people out means that everyone who does live there is poorer. If they rent, that's obvious. Even if they own, they don't feel rich - the only way they can realize the value of their home is to sell, and then they face the same high rents.