"It won't save the debt problem we have in the United States..." - I know there are other things the government can do to try and fix the economy in the United States.
Taking the Interest Rate Deduction from the United States Homeowner would be missing the ball completely.
I'd imagine a 50% reduction with regard to those prospective homeowners that would be buying homes if it weren't for the Tax Deduction.
However, when the investors/landlords, find out that Rentals might become a premium, you can bet prices will be going up in the Rental/Lease world.
Here are some of the "other" things home-ownership affords to those purchasing:
- You don't have to concern yourself every year when the lease comes to the renewal time
- What about "landlords" being a position of knowing you "have to renew" the prices will go up for sure
- Higher standing in the community within various civic groups
- Ability to Nest and Dig In
- Implement changes to your surrounding that belong to you
- Not having to worry about changing schools when leases and rents become renewable
- Changes in Mailing Addresses and for Insurance purposes