They unlock capital for homeowners by giving them something to borrow against. In my 1980 built neighborhood there are three kinds of homeowners. 1) Low incom

They unlock capital for homeowners by giving them something to borrow against. In my 1980 built neighborhood there are three kinds of homeowners. 1) Low income longtime owners who can't renovate and are being replaced 2) Long time middle income residents who can't cash flow remodel but who can afford to borrow thanks to high appreciation. 3) New, affluent owners who buy houses that have been renovated or buy a house and cash flow renovation or take a massive mortgage (again largely backed by the high land value) and renovate. If your community's land prices haven't appreciated significantly then a lot of the capital you would access for refurbishment isn't available. That removes in place renovators and your community faces two fates. Slow blight as original owners exceed their most productive years or replacement as affluent buyers move in.