Lived through the 15% - and more - interest rates in the 70’s.
It was tough - but the cost was offset by the fact that much more of
interest expense was tax deductible then than now.
Before the 1986 tax bill - ALL interest was tax-deductible.
This is where I disagree with folks looking to ban investment in properties.
If you want to change tax rules on NOLs, carry-forward, etc? OK, that’s one thing.
But prior to 1986? Lots of mom and pop investors - long before the DIY flipper craze - were buying properties as rentals because ALL the interest on ALL the loans/mortgages was deductible.
If folks want to tighten the IRC to change the calculus? OK - we need to talk details, but I’m open to the general idea.
But... banning outright? Now, we’re going too far.