The analogy of taking your house away fails, because by copying Wikipedia, the new project is not taking anything away from Wikipedia. The old Wikipedia remains, exactly as it was.
In any event, this new project has been a long time coming. Wikipedia is a disaster. It's a shambles, rife with factual errors, poor writing, and inconsistency. It frankly alarms me how many people will accept Wikipedia articles as gospel, without doing any additional fact-checking; I have personally seen many egregious errors in Wikipedia entries, and the nature of the Internet means that the articles which stay put are not necessarily those which are most accurate, but rather those written by the most stubborn contributors.
Wikipedia's single greatest failing is the fact that it has no editor. Bringing an editor on board would do much to fix its many ills, weed out the most flagrant factual errors, and make the entries in general more readable and more uniform.