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What in the world are you talking about? I know of no one who bought real estate because the gubmint was holding a gun to their head. Speaking from a pure and factual economic/sociological perspective, if you eliminate the tax incentive to own a home, the real estate industry is going to take it in the shorts, and there will be less private home ownership. Home ownership, they say, reduces crime for reasons you maybe are not aware of. If you are comfortable upsetting these various apple carts, then fine. Just be aware that your "plan" will have some significant fallout.
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That would only be initially. It would stabilize.....