If it really will be like that, I would be willing to place bets on a whole lot of developers running away from that place like it was on fire. That just isn't right. In your own account settings I can see, but out in public, no sir. It might keep the riffraff developers away if they have to prove it's a real address and they live there, but it will almost certainly attract other problems and problem causers. Heck, I'm surprised Google doesn't already know where everyone lives.
You mean a few devs will front page the tech websites for a few days then they'll be forgot in a week.
I'd never use an Android phone running stock OS from Google, so I wouldn't care what the Play Store carried or didn't. If I were using Guardian ROM, for example, I'd expect to only use apps from the Guardian Project. And the same would apply to other custom ROMs, right?