I mean, a lot of landlords might have to declare bankruptcy as well. The entire economy is run on such high leverage and debt that bankruptcies at the bottom ca

I mean, a lot of landlords might have to declare bankruptcy as well. The entire economy is run on such high leverage and debt that bankruptcies at the bottom can have a chain reaction and destabilize the entire chain, all the way up to the banks that hold the mortgages. The fundamental problem is that the models investors use to manage risk become useless in novel market environments that break historical correlations between investments. This is a long-tail risk that is difficult to manage. When suddenly all of your investments are losing value at the same time, even if the models say the correlation between the assets is low, you end up in a very dangerous place. This is essentially the same thing had happened during the mortgage crisis.