In the US, at least, the last housing market crash was because people couldn’t afford their homes. Since most homeowners are now on fixed rates and most people’s incomes are significantly up since they purchased, there probably won’t be a housing market crash like last one. Even with losing a job, a lot of these people could get a significantly less paying job and still be relatively okay compared to their Great Recession compatriots. With investors, most aren’t in real estate for the short term. A lot sit on housing they don’t rent or lease, even in a seller/landlords market. So you’re left with poor investors and the short term housing investors, who can probably cause a collapse by themselves, but in an increasingly wealthy domestic and international market base, those will most likely be bought up before a significant dent in the housing market happens.

However, the federal government needs to increase housing supply and public transportation infrastructure by an obscene amount very soon, unless it wants a major economic and societal collapse in the coming decades that it may not be able to pull itself out of. A housing market collapse like 2008 should be the least of their worries.