[ Unless you grandfather existing mortgages, it’s a fundamentally unfair tax. The government provided an incentive to incur debt to buy homes, and to dramatically end that incentive after they have bought a home is just not right. The additional $2000-$4000 tax that will result on average homeowners from removing that incentive may well push even more homeowners into bankruptcy. ]
When the Government Subsidizes something you end up with more of it, and people wonder why there was a housing bubble.....
People have to live somewhere. I don't consider a tax break on interest on home ownership when the alternative is rent much of a subsidy.
I don't think we have too much housing. What we have is too little industry, so that some of the housing has been abandoned in areas in the most economic pain. Fix the unemployment, and you'll see the housing fill up again. Right now you have families that are having to squat with Mom and Dad because of the economy.