One of the most cited reasons for Millenials, and likely Gen Z, to not own a home is due to their student loans. Either they are paying too much into their loans per month to be able to afford monthly payments, or they have too much debt already and can't get a mortgage at any sort of a reasonable rate.
What do you think happens when $1,520,000,000,000 of student loan debt is forgiven? Suddenly, these people are house hunting. Loans from banks are dumped out like crazy onto people. Housing prices across the USA are likely to rise as suddenly everyone has an extra (effectively) $31,000 to their name.
This is the reason that I'm hesitant to dismissing all of that debt without something to help people that already paid down their loans. The idea in the OP (a $50,000 tax credit) is exactly what would need to happen to make this reasonable, in my eyes.
So, it's not unreasonable for people to be apprehensive about completely eliminating all student loans. There are ramifications, and that really, really would suck for people that just spent 5 years on rice and beans to pay down their debt quickly while their cohort made minimum payments - obviously, many people can't afford to make more than the minimum payments (or heck, any payments at all), but there are absolutely people that pay the minimum despite having the income to afford higher/faster payments.
If I'm missing something with my above concern regarding housing costs, please let me know.
