This would be nearly every family in America. I'm not happy seeing my kids, my 80 year old mother lose money they are counting on. This is really the problem - reducing home prices hurts homeowners. And homeowners are litteraly everyone.
It certainly hurts homeowners who would be upside down on their mortgage, which would mostly be people who just bought a house and people with a 2nd mortgage. My house costing twice what it did when I bought it does literally nothing for me because so does every other house! I can't actually get anything from the increased "value". Actually, it mostly hurts me because I pay more in insurance and property taxes.
It would not be nearly every family in America, that's the point. That's why people are mad. We work for 30-40 years and have no pathway to home ownership so your 80 year old mother can have a home appreciate 800% over her lifetime without lifting a finger.
Households stand to gain overall from increased supply. House prices per se are a wash; even a homeowner indirectly pays a whole lot of hidden "rent" on local real estate since it's going to enter into the price of anything that's bought locally.
