What would you do if the they could not or refused to pay?
If I was unable to secure a rental income then I would be unable to pay the mortgage and the property would go into foreclosure, transferring ownership of the property to the company that helped me finance the purchase. I would think that would be rather obvious.
You still haven't really answeredy question about what kind of policy you are suggesting. You are saying you would abolish the practice of renting properties, that indirectly implies encouraging universal ownership of residences among other things, but you don't say a word as to how that would or should be done.
Imagine...
Scenario A: someone says "Hunger is a serious problem. Everyone should have food so that hunger becomes less of a problem!" I am left forced to respond "that's cool, dude" because such is the only kind of answer a dead-end proclamation like that allows. Frankly it's just lame and unhelpful.
Scenario B: someone says "Hunger is a serious problem and we can help relieve that problem with various programs such as food drives or food stamps" then I could respond with support of their ideas or by proposing something else such as farming subsidies to reduce the price of food production. Much more interesting and useful than sitting around sniffing our own farts at least.
The society in scenario A will tend to be much more stagnant and boring.