The subsidy is enormous compared to the cost of other housing programs, and it almost all goes to well-off or rich people. So, no, your TLDR is not accurate, as

The subsidy is enormous compared to the cost of other housing programs, and it almost all goes to well-off or rich people. So, no, your TLDR is not accurate, as it points to homeownership as an important wealth-building mechasism for those who can afford it. Furthermore, since the FHA was straight-up refusing to insure mortgages in black communities until 19-freaking-68, there is a strong historical effect of perpetuating racial inequalities by making only whites eligible for housing subsidies. We spend more than four times as much on mortgage interest than Section 8 housing subsidies. TL;DR: The mortgage interest deduction is a welfare payment that you have to be rich (and until 1968, white) to get. Maybe we shouldn't spend $71 billion a year on it.