He testifies,

I have long thought that the Mortgage Interest Deduction is a residual of the 1913 tax code, accomplishes little that its supporters claim for it, pushes capital away from plant and equipment toward housing, and benefits high income (although perhaps not very high income) households more than the remainder of the country.

I agree. The same could be said of every other policy that is justified as supporting home ownership. Think about it.

Pointer from Mark Thoma.