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This would be a tax on non-home owners, in order to subsidize home buyers, presumably with the intention to indirectly subsidize home owners.

Anything you do with tax money is subject to this objection. I still think it would be a good way to jumpstart the economy and benefit everybody. The only people to benefit from plunging home prices are those without homes who want to buy. Giving a rebate to home buyers would benefit precisely those people.
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