Faculty hardware and software would match, at minimum, what students lease. All students have access to the same hardware and software. Maintenance is easier. Faculty know what hardware and software students have. The transition from lab to classroom to home is easier.
Students have access to computing resources virtually everywhere.
Lease costs are covered by financial aid for students who are eligible. It is probably unlikely that students will want to carry laptops around all day. There is an increased direct cost to the students. Students who already have access to a computer may not like the requirement. Students who do not receive financial aid may have difficulties finding additional funds.