Comment by Ygg2

What would probably happen is following. It depends on many things, but assuming it is done near instantly and there aren't side effects.

For some time house values would drop, they will be sold to largest possible buyers. This isn't small buyers but probably banks, since they have lots of capital. Because of price drops, demand will be lessened and house construction industry will experience layoffs.

Many people will be without a house to rent, so banks or large money interests will offer their stockpile of houses under strict terms i.e. rent without renting (timeshare/leasing/house borrowing).

You'll get landlords but with deeper pockets.