Regular people already can’t afford housing. Almost anyone owning a house is a millionaire, or has borrowed a million from the bank as a mortgage.
The former will survive just fine. The latter took a tremendous risk by borrowing a million dollars to buy properly in an overheated market. If it works out then they can enjoy the fruits of their high risk play. If it doesn’t work out, then they should suffer the consequences. That’s how all risks work.
2008 was not a regular speculative housing crash. It was a result of an incredibly fraudulent system propagated by the banks.