Homeownership significant decrease people's liquidity and ability to move to follow opportunities. It leads to a lot of negative effects:

- more traffic since buying and selling a new home takes a lot more effort.

- barrier to moving to a different city with better opportunities / QoL

- lots of capital (most of one's net worth) tied up in a very emotional and personal investment

- incentives that pit their housing investment against things that they might otherwise support, like more housing being built, homeless services, etc