A perfect example of how people are against “spreading the wealth” until it is their cow that is getting gored.
The home mortgage deduction is a transfer of money from people that do not have a mortgage to people who do have a mortgage.
It’s a form of spreading the wealth around—period.
Limiting mortgage deductions would encourage more owners to pay off their principal to reduce their total interest. This is not a bad idea anyway, but this choice would affect consumption and have unpredictable effects across the economy.
It would also cut down on the purchase of second-residences, bad news for those who own the properties someone might buy for that purpose.