financial assets decline only gradually when households are in their retirement years.

There's a pervasive problem in trying to sort out whether there is something intrinsic about homeownership that causes these externalities or whether the people that become homeowners are the kind of people that generate these externalities.

There's a pervasive problem in trying to sort out whether there is something intrinsic about homeownership that causes these externalities or whether the people that become homeowners are the kind of people that generate these externalities,

The question is how large it will be.

[Even supporters of the changes acknowledge that house prices would fall.] Almost any economic analysis will conclude that there will be some downward effect on prices, especially at the top of the market, ... The question is how large it will be.

The whole economic pie would be larger.