At first blush it seems immaterial, average incomes are well up when you count government transfers over the past year. The risk in May/June/July was that people would be behind on payments before they were able to get stimulus and UE checks. A family of 5 making under $150,000 just received a $7,000 (tax free) check and got $3,000 in December. At $1,500 a month that is 6+ months worth of mortgage payments right there. OK, so there might be some niche markets where people are making 200,000 figures but housing prices are so high that their lost income actually impaired their ability to pay over the past year. But I don’t think low end software engineers in San Fran are the concern group here (also not a group with a high UE rate this past year).
If it is effective in any way though it will help keep housing prices ridiculously high- one of the reasons that supply is so low is that evictions/foreclosures are extremely low for a recession, keeping people in housing who would typically be downsizing dramatically or moving in with friends/family for some time.