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JoachimSchipper comments on Unemployment explanations - Less Wrong
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I think that simple location is a massive friction and not fully accounted for. Look at how much commuting saps happiness. Look at how unwilling people are to relocate (above and beyond the costs of doing so). Look at how little companies recruit outside their immediate area.
And, of course, encouraging homeownership makes this worse. Good thing that most of the Western world hasn't made that an explicit policy goal for the past decade...
Try three.
Is this a reference to this saying?
Homeownership makes employees less willing to relocate, but also more tolerant of short-term decreases in the demand for their skills, since they can postpone maintenance on a house (or perform it inefficiently themselves with the surplus time) more safely than they can miss rent payments to a landlord.