Would Redevelopment Hurt Tourism?

Here is an e-mail I received from my friend in central California:

Just read your blog; VERY scary. The ironic thing to me is that myself and others up here see Leucadia as the last bastion of old-school, down-home, beach funkiness. We come down there every year and spend our money in the local restaurants, surfshops, markets, etc. for the exact reason that it is NOT Carlsbad (blechhhhhh) and still retains some culture and character.

Man, if Leucadia is blighted, what does that make Morro Bay? Straight up ghetto?

Eric.