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This paper was presented at the conference "Policies to Promote Affordable Housing," cosponsored by the Federal Reserve Bank of New York and New York University's Furman Center for Real Estate and Urban Policy, February 7, 2002. It was part of Session 3: The Impact of Housing on People and Places, and is a commentary on "Effects of homeownership on children: the role of neighborhood characteristics and family income" by Joseph M. Harkness and Sandra J. Newman.