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If loan for houses go away, home ownership rates will likely drop and more people will become renters. France, Sweden, U.K. Japan, Austria, Germany, Switzerland all have lower home ownership rates that the USA. Doing away with purchase loans will not affect the cost of materials (unless far fewer homes are built) and likely will not much affect the price of land in the long-run.

You cannot compare those countries to the USA, we are completely different.
We would find ways to make it happen, it would spur new ideas and inventions. Things could stagnate and renting might happen, unless we do away with that as well. The cost of a house is higher with a loan on top of the already ridiculous prices.
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