Reply #81: If Only Landlords Can Deduct Interest... [View All]

[AndyTiedye]

...eventually landlords will buy up all the land, because they will
be able to pay more than any prospective homeowner. Turning us all
into renters would not be a good thing -- when the owner doesn't pay
the heating/cooling bills, he has no incentive to insulate or make any
other energy-saving improvements.

The truely rich either own their homes outright, or they "rent" them
from a corporation that they control, and would get all the deductions
anyway.

An abrupt change in tax policy like that would crash the housing market
and wipe out the assets of millions of middle-class people.