People get made fun of when they predict an eminent housing crash because they're almost always wrong. But I believe it will EVENTUALLY collapse, probably within a generation. There are one of two ways it will go:
1. Total Yimby victory: we allow lots of housing to be built again, supply goes up, houses suddenly not worth as much.
2. TFR/birth rate collapses due to the expensive housing, not enough demand from the next generation, and the housing Ponzi scheme comes to an end.
I think #1 is the more optimal path but #2 is the path we are currently headed for.