It is the argument of the Left, Obama’s “argument”, reversed. As such, it is satire. It is no more convincing than Obama’s ridiculous vocalizations.
Oh, and capping mortgage interest deductions is a stupid idea. There are good reasons for the deduction, since what you are paying in interest is being immediately taxed as income to the lender. It is not a “gift” to home buyers, as much as it is a recognition that taxing income is, in the first place, a stupid idea.
Then we need to lower (or eliminate) the income tax. Mortgage interest deductions (which I partake of) are basically a housing boom and bust creator.