It will affect owner-occupant homes, and especially higher-end/luxury properties, but even in a bad market, there are always investors looking to find good deals.

I thought that was hilarious since she's on welfare, depends upon the government to feed her, house her, clothe her, and take care of every other basic need that she has, but she expected a luxurious home.

Other smokers will be far more tolerant of the smells and willing to pay more for the "luxury" of not having to go outside.  

What I've seen is that rents have dropped in the city (Especially luxury rentals) and have risen in the suburbs due to the following reasons:- Colleges are still for the most part, remote, creating a large volumes of vacancies which has lead to landlords giving incentives to get their units rented (One or Two months free rent, broker fee paid by landlord, etc.)- As a result of this, a lot of my clients who are coming up on their lease renewal period are negotiating lower rents with their current landlords.

We are seeing good ROI from the below average prices all the way to true luxury homes. 

RE will be just fine long term, but I wold think luxury will be hurting badly over the next 1 to 4 years.   

My construction focus has been on luxury homes and I am switching directions to build single-family rental neighborhoods. 

Economical high end finishes always help to take a small property and make it feel like a luxury remodel.

Cash flow you can live on is also achievable, but if you consider the average person is using leverage you need a lot of SF roofs to say make $8-10k per month (not luxury living, but comfortable) in passive income.

New luxury homes are being built and rents are going up.