I can see the following 'possibilities'....I'm sure there are more....
Do real estate prices 'explode upwards', because there is always a 'finite amount of land'?
Do real estate prices decline, as 'excess deaths' cause mass vacancies (increased inventory)?
If a loaf of bread (eventually) costs $300,000 (and salaries go up exponentially) - can people then pay off their (fixed) house loans for the price of a loaf of bread? Does that make houses more or less 'valuable'?
Do local/state gov'ts tax the heck out of property, to raise more revenue? (Making 'holding' real estate expensive.) Same with house insurance.
Can banks 'grab' houses from people - even if they can pay their mortgage?
Can the gov't seize property?
Is real estate one of the 'safe' bets?
If you own your home without a mortgage, nothing happens, unless you can't pay your taxes, then someone who can pay the taxes can lay claim to your property. If you have a mortgage, the bank can make a call on your property or sell your mortgage to another bank to cover their own debts. If you can't pay, the bank forcloses, you lose the property and end up on the street/tent city, just like it has happened in the past. Just look up "Mortgages during the Great Depression." High rates of unemployment, homelessness, and predatory land grabs. Home values went up eventually around the early to mid 1930s but not until after the worst of the financial crisis passed.