>> I'm having a hard time justifying a longer term dividend drop or valuation drop because there's still a housing shortage in the US
Real estate is all about location.
Major cities have a housing shortage and will continue to be able to find some tenants. Rent is likely to go down or stabilize for some time.
Small town will be decimated. All the jobs that are disappearing are not coming back, people will have no money for rent and there are no other tenants immigrating in.