Regarding #1, the next economic recession may not come with a housing crisis; so, multifamily (and rentals in general) may not be given a life preserver next time.

Can’t have a crisis without the carnage. 

In fact, as long as you don't over-leverage yourself or do dumb things (i.e. sell when the market is down) RE seems quite a bit less volatile than the alternatives -- I say this as someone who weathered the 2007 crisis. 

It basically gives a history lesson on what took place with the financial crisis over mortgages in 07/08.

I thought getting low down payment loans is very rare post housing crisis?

But now because of the whole housing crisis there seem to be a lot of markets with good cash flow and probably lower property taxes than NY.

Lack of transperancy and the economic crisis have affected the market.

Are you currently working outside of RE to help buffer in the event of financial crisis? 

This didn't work out so well during the mortgage crisis and I don't expect it to work out well in this industry either.  

There is a brewing crisis in the "subprime" market, which is really just a way of saying that all those people with gimmick loans are about to pay the price.