I dunno, people buying a house (and the mortgage that goes with it — their biggest loan of their life) is (to me) a good thing, rather that everyone a renter.
Why though? It perpetuates real-estate bubbles by incentivizing a large portion of the populace to speculate on non-productive assets. If real estate weren’t so highly incentivized in the US, I’d rather be a renter with a long term lease with all its legal protection and invest my money in a business or something. We’d have a much larger renting class and likely would be able to push through much more renter friendly policies. As it stands, majority of Americans act like bourgeoisie when they really aren’t.
The end game of everyone is a renter is the government owns all residential.
When you have everyone is a renter, then renters change laws to make it not profitable for people to own rentals which the government eventually picks up. I don’t know anyone from eastern block countries living in the Soviet time that wants anything like that.
Also, it’s not clear to me that credit has lifted people out of poverty; I’d argue that interest based lending has kept people in poverty, transferring wealth to those who already have it.