In theory, fewer homeowners will mean municipalities will rake in less revenue from property taxes. But Pendall believes local governments will simply adjust to make rental properties "a larger share of the tax pie."
And within those communities, some businesses will feel the pinch. Dan Ariely, a professor of psychology and behavioral economics at Duke University, says a wave of renters would have an obvious impact on the massive consumer industry that supports homeownership.
"My subjective experience is that when people buy a house, they immediately start renovating and fixing it — going on Sunday afternoon to Home Depot, doing things that I think people would never do for houses that they rent," he says.
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