Another aspect of his proposal that could adversely affect the economy enormously is later in the story...
“—Phaseout of the interest tax deduction on home mortgages for homes over 3,000 square feet. Owners would keep most of the deduction for homes at the lower end of the scale, but it would be eliminated entirely for homes of 4,200 feet or more.
He estimates that would affect 10 percent of homeowners. He says “it’s only fair” to tax those who buy large suburban houses and create urban sprawl. Historic and farm houses would be exempted.”
In other words, middle class families who work hard and do well and can afford to build nice-sized homes will be punished.
Meanwhile, the homes of the very wealthy will be exempt - since they have already inherited historic homes or will be able to spend millions to purchase and rehab old properties.