David Blanchflower and Andrew Oswald two British researchers have come up with a rather unpopular hypothesis.
And indeed their findings with US data seem to support their thesis that "high home-ownership impairs the vitality of the labor market and slowly grinds out greater rates of joblessness".
some contributing factors are listed as
- lower labor mobility,
- longer commutes, and
- fewer new firms and establishments (NIMBY effects)