It's funny to see Dems slam this lowering of the mortgage interest deduction cap, because it accomplishes what THEY always push for -- higher taxation on the wealthy.  

As the article points out, in order to afford a $500k+ mortgage, you have to be fairly wealthy in the first place.  People shouldn't confuse a $500k MORTGAGE with a $500k HOUSE.  The way that most non-wealthy people get into a $500k house is by working their way up to it carrying home equity forward from previous homes.  Therefore by the time they can afford a $500k house, they're carrying $300k of equity forward and only taking out a $200k mortgage.  And it's the mortgage that counts for this limit, not the value of the house.