As I understand it, NIMBYism is "don't ever build anything anywhere in the neighborhood/town", not "don't build in this one spot we all really like". As I said, there are tons of other buildings going up over town.
It's literally "don't build on this one spot I really like". It's in the name!
Exactly. The "my" in "my backyard" can apply to everyone therefore nothing gets built. The alternative is everything gets built. There has to be a middle ground, which is what zoning laws are meant to accomplish. We have buildings and multi-family housing going up in our town too, but we also have historically-protected buildings on the main street that require some more work if you want to do stuff with them. This is a good balance.