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What if... You couldn't afford to get indebted?
I agree with your control scheme being accurate (tho I tend to extend it to simpler materialistic appetites, "bread and games" style), nowadays the scheme of ownership has changed to fully irrational. And this is destroying the idea of a careful proletariat working their wages towards their mortgages.
I would fully agree on the idea that owning a house is unnecessary in many cases, but for this to work you need affordable rents. And that's where the next crisis is.
I guess short-time, for the ownership class, it's bringing in good money and obedience all the same, since making rent has become a stressful necessity, unlike owning your own roof.