CDs vs. NIMBY

The author’s 4,000-CD collection, bought for roughly $40,000, is now worth about $3 per disc, but streaming provides unlimited free access to new and historic music, creating a consumer surplus that far exceeds the lost capital. Applying the same logic to housing, deregulation that lowers property values can generate greater upside for owners who plan to upgrade, downsize, or pass assets to children, offsetting the apparent loss.