Let's take an airport as an example. Back in the '30s there were hardly any flights, right? Thus, people living close to the airports were occasionaly bothered by the rumbling sounds of DC-2's engines, but it was not a major problem.
Now, 70 years later, a person living close to an airport (any major airport) is faced with a noise from the engines of hundreds of airplanes a day! So what is the solution? What is your solution? Shut it down? OK, but by doing that, you've caused the pain to millions of passengers who depend on those airplanes, to benefit - what - a couple of hundred people?
You might be inclined to say that these are apples and oranges, but when you think about it, they aren't. How would you explain to a person living close Milan International Airport that the noise he hears is not as much of a problem to him as is the noise heard by a guy living close to Monza race track. 'Cause I can guarantee you that they sure as hell are not going to shut down the airport (btw, I'm using Milan's airport just as an example...I don't know whether there are any houses in the proximity of that airport). So what makes the person living close to Monza track any more special than the other guy?
The bottom line is that the local economy has benefited from FIAT/Ferrari in the past...and still does.
And it is not true that F1 race is not under threat due to this new law. Read the following:
Monza's managing director Enrico Ferrari admitted that the situation was very serious.
"At the moment we are not going to be in a position to host F1," he said.
taken from:
http://www.itv-f1.com/News_Article.aspx?PO_ID=34555