Ryan — It is an awful outcome for the homeowners who have lost between 6-19% of their home value in the community. A desert area with walking trails open to the public will not make up that value. The best plans we ever saw were to preserve the golf course (and home values) and develop small remnant portions of land into clustered housing. Win-win-win.
How would you like Bank of America to come knocking at your door asking for your $145,000 home equity line of credit because your home went from $560k to $450k? I don't think they want your boat or golf simulator back. Just my hunch.
As for Arizona needing more of less housing, I think the market speaks for itself. Beautiful thing about America is that people get to select where they call home. Arizona happens to attract a higher percentage of home buyers than many places, at least of late.