it also doesn't expand into new markets and market segments like business cash flow does. It won't go to zero like some businesses in your 401k will so it's less risky, BUT it's completely different asset class. They are not the same.

Author is just pointing out that more pain is likely, and it's a completely reasonable take.

House prices certainly have acted like meme stocks and that has been pretty amazing. It takes a while for housing bubbles to pop. There aren't any tickers on houses ... yet so bubble pops go in slow motion.

In the short term rentals go up and perform well, because people can't buy houses they wanted to. Prices will go down until people can afford monthly payments and then there will start to be buyers. Then when the recession is in full swing, housing prices will remain under pressure, until the Fed reverses course and rates start to drop, then will be a great time to buy if you are "investing" in houses.

Businesses will do better. Live in a house tho, and don't overpay (something you can't afford). I know many that have purchased something they can barely afford. We'll see what happens.