Exactly. Those keep delaying their purchase waiting for price crash, did not think through what will happen. Housing is very illiquid. It effects everyone. Be carefull what you wish for...

Interest rate and liquidity tightening is almost inevitable. leverage amplified both profits and losses. empirically, those with loan service ratio of above 30% of income are at risks of loan default.
Housing loan is only about 30% of local banks loan portfolio; hence, banks could withstand up to certain % of loan impairment without systemic risks.
Property price dropped in sg and hk a few years ago didn't have adverse effect on aggregate economy.
However, data show; the rich become richer, the poor remain poor and the middle class become the new poor.

Adding debts may make one happy but doesn't necessary make one richer.
At 6% p.a. compounded, $250k after 25 years become $1.07m.

The issue is income didn't rise as fast as inflation, partly due to increasing population, poor improvement in productivity, etc