Not for long. We just elected an open-borders Congress, so we are still on track to double the population again by about 2040.
Short term slumps I can ride out. The house I bought 25 years ago for $97,500 might slide all the way back to $700,000, or $600,000 in a complete meltdown. I'm not going to panic.
I believe you are correct. However, that is also open invitation to eventual war -- such is NOT good for housing.