Mmm I suspect that it's the tenants who have seen the greatest fall in savings not the property owners? A lot of that cash was splashed on casual & part time workers who would never be able to buy a property.
So you're right in a sense that rental stress & delinquencies will be on the rise but it'll be the tenants who go under first. And where do tenants go when they're unable to pay the rent? On the street.
Rental vacancies will rise & rental prices will fall but there will never be a shortage of tenants. So worse case scenario is a big rise in homelessness & a fall in rental income, creating a bigger tax deduction to offset against other income.
