What do tax breaks have to do with private debt, namely mortgage and HELOC debt?
Public policy and investment in housing for ordinary people while allowing the mega elite to extract as much wealth for themselves. The non-elite then use debt to maintain their standards of living.
It seems to me that this difference favors landlords over owner-occupants when it comes to buying property [which does not seem to be beneficial public policy]. With interest rates as low as they are, this is maybe only a medium-sized problem, but when interest rates rise again, this is likely going to exacerbate the difficulty of people beginning their home ownership "ladder" because landlords can literally outbid them by the difference in tax policy.