I'm not even convinced it would do that. I'd love to get my hands on employment numbers of VC funded startups that aren't profitable vs those of big established tech giants like Google, FB, Apple, Adobe etc. with strong revenue streams and billions in the bank to weather whatever comes.
My hypothesis is that the former group are a small enough number where they might shake up confidence in the housing market temporarily, but would ultimately not sufficiently dent demand.
Big companies might go on a hiring spree for cheap talent and the housing market continues as it has been.
China money drying up could also be a catalyst or a natural disaster like a major earthquake could be another.
The only reason why I haven't done that, is that the accounts actually have a positive impact on my credit. They're fraudulent, so I am taking action to remove them, but there have been no damages as a result. So, I don't really have a reason to sue other than to save me future hassle.