What we have now is much worse than a housing bubble. We have a severe housing crisis caused by lack of supply, regulation, zoning and thus costs to build.

The difference is: Even if no one can afford housing: There doesn't have to be bust. For example: if there's only 9 houses on the market, there only need to be 9 people willing to buy in at that price. So, essentially, with a severe housing shortage, only the richest 0.1% need be able to afford the houses on the market and they can still maintain an extremely high prices.

Meanwhile the coping mechanisms are in full effect:

1. longer and longer commutes causing ever more CO2.

2. multiple generations living together

3. roomates bunking together, not having families, not having kids

4. decreased spending in other areas as every last dollar goes to housing

5. ever more louder cries for rent regulations which makes it even hard to build more supply thus resulting in a death spiral.