In this case I believe it would have to be "fair" due to the political power of home owners in most areas of the United States. The fastest way to lose every vote from Suburbia is to lower the value of their greatest investment.
And this is how we get real estate bubbles. It’s already back to the “it’ll always go up” stage even after 2007, in most areas with decent jobs that might afford some security or ability to pay mortgages.
