This was always the issue, rather than planning houses on it or quarrying. The historical landowners (Mr Nat Somers) had a passion for aviation. When he passed on, his wife, and in particular the sons of Mr Somers (going under the name of Mariposa Investments) had no interest in it being maintained as an airfield, and it was just $$ for quarrying land or housing. I suspect the licensing of the airfield was a small revenue generator.
Those who live nearby wont take this as good news as even if the land is vacant for some years, it will become a dump probably. Those who have planes and fly from there have to look elsewhere, and as someone mentioned I cant imagine Stapleford, Elstree, North Weald accommodating all the planes, though I suspect they would welcome the new business.
Its a big blow, especially as it seemed to be a thriving flying school, in a recession period.