A reduction in home pricing in California would be a good thing, as far as I am concerned. Too many working people are priced out of the market here.
Of course, real estate professionals would have a different opinion. The higher the sales price, the higher the commission.
Real estate is like having a money printing press in the basement. Think of it, 6% of every real estate transaction is shaved off every time a house is sold. That is a lot of bling for a bunch of people who drive around, answer phones and show houses.
You have to own a home 5 or 6 years to just break even. Most people don’t.
“Too many working people are priced out of the market here.”
Removing the tax deduction also reduces affordability, so what they gain in price reduction they lose in tax deduction.