The interesting part of the story is that the people with $700k mortgages - I'd hesitate to call this class 'the wealthy', more like the 'above-average middle class' - are getting hit with a double-whammy: their wages are paying for the mortgage subsidies for the poor which are driving their own mortgage needs off the market.
Next stop: universal health care. Then the real gnashing of teeth starts.
Next stop: universal health care. Then the real gnashing of teeth starts.