Huh. Does this cause auras and equipment to fall off?

I would believe so. Auras that fell off in this way would then die when this enchantment leaves the battlefield; Equipment can be reused after that.

I'll be honest, I was worried about that. The original idea was to solely remove creature types, but that's not especially interesting in most games. I then thought that removing the types from nonbasic lands would be neat, but just creature and nonbasic land subtypes felt weird. That being said, white is a color that could hate out both auras and equipment (green could as well). I realize now that hating nonbasic lands (with types) is a probably a red thing, MAYBE blue if you'd say Back to Basics still remains in-pie.