You mostly had me up until this part:
And for those fortunate to own home, they have become dependant on the inflation of property values to make ends meet.
This doesn't make sense. Home owners may be dependent on rising property values for their nest egg, but not to make ends meet in the short term, for the simple fact that they can't sell shares of their home. That is, as a homeowner you can't both profit from rising property value and stay in your home, since you have to sell it to realize the gains (and unless you plan on moving, you still have to secure an alternative living arrangements in an area of rising property values).
If anything, current homeowners (who are not cashing out) are hurt in the short term by rising property values, as the appraised values will usually rise (albeit slower), increasing the property tax burden (even while keeping tax rates unchanged).