Here are some general thoughts and ideas on where things could go...I read an interesting paper last year put out by the International Monetary Fund (IMF) that hypothesized that the national debt can pretty much grow infinitely without destabilizing the economy or ever causing a fiscal collapse. 

Pic related, I lent on this house post-flip:My first words in this post were "excluding flippers," because you 100% can hypothesize that the flipper "drove up" the values of that house and that neighborhood.... however the neighbors (20 houses to the right and left on both sides of the street - 80 homeowners) should be sending "thank you" cards to the flipper, they all probably picked up at least 10% in terms of home value thanks to that flipper removing this chop shop blight from the neighborhood.

Further, though I don't recall reading this in my textbook on labor economics, I expect a reduction in people's living expenses by removing the necessity of rental payments(by passing an eviction moratorium, for example) would have a similar impact, but I'm just hypothesizing here.

That, in turn, will give you an indication of if/how real estate might be affected.I'll let everyone else hypothesize about whether specific political events will impact the broader economy, but don't fall into the trap of thinking that real estate is typically directly affected in a vacuum or that real estate is a leading indicator of any broader economic shifts.