> What it does, though, is reduce the use value (experienced utility of use) for current owner-residents for whom the particular local character is a factor in enjoyment, and make alternative replacements with the quality that is now missing from the current home that are in the same area (and thus compatible with existing jobs, etc.) harder to find, as well.

Which is apparently something which is currently in oversupply since housing in the suburbs costs less per square foot than it does in even the higher density areas that are within the same commuting radius.