That is easy. When purchasing ( if you have a brain ) it is price + interest + property taxes - deductions from fed taxes. Interest rates go up people will have to stay down a bracket as to purchase price. Same goes with deductions, at about 30% back off your fed bill it allows you to purchase a higher value target.

If you loose the deductions property values will drop ( depending on the value / low end not so much ) and if interest rates climb with it then housing values will tank big time.

This thing is coming to a end and a lot of pain will come right with it.