:fallout:
it would be too gamebreaking for them to make you lose all your stuff in you got on the factions bad side, you could prob sneak in and get it or something, kill everyone around then get your stuff, but to lose it all, i doubt thats gonna be happening, but as far as housing in general goes, you can prob live in every town or settlement just like in fallout 3, almost every settllement in FO3 had beds and storage, i lived in rivet city a lot, or the robot repair center, so you won't be limited to faction only housing, you might not want to even join a faction. so there will be plenty of options for housing i think, even more than in FO3. that was one of the complaints about FO3, only two official upgradeable houses, only one was really realistic sicne blowing up megaton kinda svcks, what a way to get a house, having to blow up an entire town, housing should be fairly easy, if you have enough caps you should be able to buy a house in each town and live anywhere you want with a bed.
Some might argue that it would be game making if that was to happen due to the following sequence, in that you do things which go against the relevant faction thus reaming them so to speak and the respond by reaming you by removing at least easy access to the house you had with them, which would happen to include everything you had stored in that particular house. Thus showing a complete lack of
consequence for the faction turning on you due to your getting in their bad books.
While the point you made about sneaking/slaughtering your way to the house, I think has some validity in that if you managed to do that you could get at least some of your gear back, but I wouldn't be surprised if the choicest pieces of gear had already been appropiated for use by said faction.
Edit: I'm saying this as I personally think it would be game breaking if you were to ruin your standing with a faction you had a house with and you still had free and 'easy' access to the house you had/have with them.
I do admit I can also see your point that it would be game breaking for this to happen to some people, but also conversely it would also be game breaking with regards to what I've just mentioned didn't happen to others.