I don't see how being tied to a particular area is essentially good for the community, especially for big cities, which are used to huge turnovers. For me having the freedom to move wherever I want for my job sounds much more enticing than being forced to find jobs in the same area even though there might be better chances elsewhere/I just want to experience something different.

Also, you don't necessarily have to be tied to that area either. You can still treat the house as an investment and rent it out, while you yourself rent a smaller house. In some places in Europe such practices might even be encouraged by the policy (tax incentives etc.)