I say this as a home owner, let the market crash, I dont care what my house is valued as it is an asset not an investment.
(Edit: To clarify, when I hear devaluing housing, I’m interpreting that as an enormous price decrease. The impact to us is that we wouldn’t be able to sell our house for anywhere near the cost we paid for it. We didn’t buy as it as an asset but we also didn’t plan for it to become a huge loss that could have instead gone into retirement savings.)
This is a Catch 22 for elected officials. We must reduce housing costs dramatically if we do so, we will devalue significant assets of a large number of active voters and political contributors.
I'd love to see some ideas on how to pull this off, because we need them.
However, it's more nuanced. I can support risking that my house gets less worth than my mortgage, because I consider the probability of not being able to pay off my mortgage very low. I am guessing that people who feel less secure financially do see a house as a last-resort asset, even at the price of their children not being able to afford a home. And that's the root cause that should be fixed with policy I think.