Yes you have got that right. The cabin crew on HDP do that now.
In fact you can easily see what the long term plan is - in a few years time the new international cadets will be doing a short course (4 weeks) if they are eligible (say 3000 hours plus) and will attract only a base housing allowance if they are lucky. In other words, they will have the same qualifications and experience as those who joined 5-10 years ago, but no housing to match.
The LEP's are not going to get the housing they want, simply because that would set a precedent that management don't want. If they did, then they would not have withdrawn the housing from the international cadets. Its not about getting more pilots, its only about saving money on the housing.
And all of us will have a major component of our pay as HDP. And that will make us want to work harder - not because we love the work, but because it will be the only way to get our basic income. Afterall, thats is exactly what is happening now for the cabin crew.