Yes. But if a development that makes the local quality of life worse, then - surprise! - that will also deflate asset prices.

How much value does the Economist put on me starting my tech job on three hour's sleep, because of the following, all of which I've had happen nearby (as in a literal stone's throw) between 1 am and 5 am in the last year:

Redirection of arterial road traffic !

Fire alarms that nobody else shows an inclination to reset !

Dog fighting ring !

violent robbery !

I'd rank this as somewhere in the middle of flats I've rented.

Words struggle to express how much I hate neoliberal suburbanites wanking on about the values of high-density housing. Yes, there is potential. But by f*k, try living it for a bit.

I don't see much of a difference between individual home ownership and people or businesses that own many houses. The latter group is more powerful, and might have more influence on politics through lobbying.