I think in the 80s or early 90s, the UK got rid of their version of the mortgage interest deduction. Had no impact on property prices, in fact, prices probably appreciated even faster than when it was in effect.
Many owners overestimate the value of the deduction.
One indirect impact, there may be less charitable giving when you can’t itemize. One would need to setup something like a donor advised fund when income is high and perhaps not donate every year. Most people won’t think of that.
