We study the influence of lateral stress on the stability of thin viscoelastic films. The free surface of a deposited film under stress is shown to undergo an instability initiated by an anisotropic diffusion of the polymer molecules. This instability ultimately results in the formation of holes provided that the initial surface fluctuations are larger than a critical value. The latter is found to decrease when increasing the stress. An increase of the holes number density with the stress is therefore predicted. Most interestingly, the holes number density is also predicted to increase when increasing the molecular weight of the polymers. Additionally, we demonstrate that the friction of the substrate suppresses any spatial coherence between holes on large length scales. These predictions explain recent experimental observations made on thin spin-coated polystyrene films [G. Reiter, Nat. Mater. 4, 754 (2005)10.1038/nmat1484].