Oh they get it, they’re just looking out for themselves. Property owners account for 72% of the voting block and have strong roots in the community where renters tend to be more transient [1]. In America, as a property owner, your home is probably your largest investment. The perception here for better or worse is that more housing means less demand for yours, so you lose money.
It’s like wondering why the foxes don’t vote for razor wire around the chicken coops. Not in a malicious way, it’s just not in their interests.
For what it’s worth I own, and am fine with new development because I think it’s not nearly as detrimental as it’s made out to be. I think the community benefits both directly with diversity of people and indirectly as it supports more jobs but I feel very much in the minority.
tl:dr; it’s because renters don’t vote and voters don’t rent.
[1] https://www.apartmentlist.com/rentonomics/renters-and-voting...