One other effect to consider is the housing prices after the bill. Expensive areas might see an up to 10% drop in property values, which would be bad for those who recently bought but should be easily weathered by others who have seen an 80%+ appreciation in the last 6 years.
Because buying property becomes less lucrative and requires more money with no mortgage interest tax deduction. I'm not sure anyone has modeled an accurate demand curve, but in theory this will impact housing prices.
