It is already a depression for many.

I work in town and the amount of homeless has rocketed in the last year.
Unfortuantely there is going to be a period of adjustment where LLs refuse to drop rents to affordable levels due to their own expenses and people can’t afford the silly rents. This is going to put a lot of LLs out of business and kill pensions of a lot of people who thought they were all set for an early retirement.
While the LLs remain in denial though many people on the edge are going to suffer hardship.