It’s not. The current mantra is that if prices go down, on a timescale of like 10-20 years they will eventually go back up. This is the way things have gone for at least the last century. AirBnB can go bankrupt tomorrow and wit will do exactly nothing to dispel this thought.

> With the current interests rates, this is straight up magical thinking.

Do you think that matters even the slightest bit? A nontrivial proportion of homeowners could afford to buy second homes outright at this point.