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This meme is extremely naive. For many American voters, the primary residence is their one major investment -- and will severely punish any elected official that reduces housing prices. The result is neither party will do much on this issue.
My assessed house value being high only makes my property tax burden higher.
I'm not particularly eager to use my residence as a financial instrument, I use it to live in, not just some asset.
Meanwhile, I'm worried about the next generation of my extended family finding somewhere to live without getting stuck on the rental treadmill. If my house value tanked 60% but now the folks currently struggling to own a house can find them, I'd be ecstatic.
I hope that you're right, because in 20 years that will no longer be true, and maybe we'll be able to make real progress on housing at that point.
It's only going to get worse in the coming years as weather gets more extreme and entire towns and city's get swallowed up by the ocean.