There would be some highly beneficial effects if people stuck to housing they could actually afford.
Older city neighborhoods would be revitalized with an influx of younger, productive families. That housing stock would get fixed-up and the residents would start caring about local schools, streets, etc. They would stop voting for the sort of candidates the “taker” class elects to City Councils, and would throw a break on the decline of civilization in our cities in general.
Good observations.