Also don’t forget the part where we’re told housing will never be affordable again in many areas, and don’t expect to be able to remote work to move to LCOL areas any more.
(eventually properties collapse, but if they keep the values inflated this way, that won't matter to them)
If you want to know more, look into RCMP reports on high property prices in Vancouver BC/Canada circa 2010s+, for example.
The prices will adapt, but the equilibrium will always be elite-oriented economy where accommodation of the masses is a second-tier goal.