There are many examples of this being essentially the status quo in many places and historical eras and essentially it just makes housing availability worse since only the ultra wealthy can afford to build expensive structures and they just accumulate more wealth and power. Think about in the middle ages when a local lord would have to foot the bill to build townhouses completely up front but he and his descendants would retain ownership of them and demand payment to live in them for hundreds of years to come. There are places where access to credit is poor today where people basically live in makeshift shacks if they don't rent because they can't afford to buy houses otherwise. There are a lot of ways to fix land ownership and exploitation by landlords, but historically speaking, this was not it. I know nobody likes living in debt and debt can be used for exploitation, but completely abolishing credit simply will not have good outcomes as a whole.