This is the part of this policy that makes no sense to me. Updating things after 20 years was sure to leave some people short and some people properly attended to after 20 years of being shorted, there was no getting around it and that occurred. But tying it to home ownership? Why should someone get paid less for doing the same job in the same market based on their personal wealth or assets?
Cutting out a bit of a monologue here about what I've learned about promotions, pay, performance, salary negotations, etc. in the private sector by stating that the market determines your pay and you should never bring your personal circumstances into it. You being broke is not a good reason to give you a raise. You not having x,y,z, is not relevant to your value in the labour market. I can't imagine asking my employer for money "because I don't own a house yet." And, being the older guy that switched careers, most of my peers don't have a house and I do, and the idea that my employer would cut my pay to make up for that and maybe say to me "you don't need as much compensation as your peers, you already have a house" is just preposterous.