Well, that’s what we had in 2008. The “bust” part of the cycle.
With very few exceptions, (Bush II being one of them) all Presidents pass some sort of housing legislation during their terms in office. The reason for that is simple: using house price inflation is the cowardly way that both parties avoid the hard work of hammering out better social security benefits. If I get 2K from social security, AND I get 2K a month from investment appreciation, AND I get 2K a month from a reverse mortgage on my home, then suddenly I have 6K a month and retirement is not too bad.
Of course, home appreciation in real dollars is pretty bad, unless you happen to live in a place that’s ‘popped”, but you don’t think about that (or Congress) when you’re retired and making ends meet.