That would destroy the housing market in terms of an inability for many potential homeowners to finance a property purchase. Although this would probably be welcome news for younger and/or less-resourced potential owners since property prices would be decimated and would therefore become much more affordable.

Perhaps for the initial purchase this type of income-based approach on debt financing could be waived as an exemption, and could apply to financial products like home-equity line of credit (HELOC) loans.