If it causes real estate to be seen as an investment unlikely to appreciate, whereas higher interest rates make bonds more attractive, then it could cause big m

If it causes real estate to be seen as an investment unlikely to appreciate, whereas higher interest rates make bonds more attractive, then it could cause big money to rotate out of real estate and into other assets whose rate of return is proportional to the interest rates. When it happens, that will be a good thing. But, a lot of pain between here and there.