Homeownership Ticks Down

Richard Florida sees a silver lining, while Felix Salmon's worry lines deepen. Avent isn't sure about the truism that homeowners benefit communities:

Homeownership, as I’ve mentioned before, is an undiversified, highly-leveraged, immobile, illiquid financial bet. Having made such a bet, homeowners become very risk averse. We can imagine situations in which new developments are likely to benefit local homeowners and increase the value of their properties, but have benefits uncertain enough that there is a small but real probability of a negative effect on local property values. Highly risk-averse homeowners may opt to oppose the project, despite the good chance that they’d benefit from it.