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Notes -
Upzoning single-family-residential land would radically increase the price of individual lots. Under restrictive zoning a developer could only build a 0.60 FAR single-family-home with a white picket fence and a back yard for a golden retriever on that lot. Upzoned, that lot can now hold a much larger apartment building, with each unit renting for less than the house would have, but exceeding the value of the house in total.
What upzoning does is drastically increase the pressure on single-family-home owners to sell, and subject those who want to stay in the area to increased density, traffic, sight-lines into their yards and homes, loss of green space, strain on existing schools and other public services, and, to be blunt, the presence of people not rich enough to be able to afford a single-family-home in that neighborhood. Some of these worries are more morally-acceptable than others, but all of them are real, and unrelated to greed.
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