If the house price crash, normal working people will lose their job, because the total consumption of the whole society will shrink dramatically when many people are underwater and have to pay much more to bank to have their house. Then many companies' sale will plummet and a mass scale of firing workers will follow
And this is a good thing (TM).
It would be good, long term, because these jobs were create by malinvestments (capital wrongly allocated to not really profitable business).
If too much homes were built, the sane thing to do is stop building new homes where no one is requested or needed.
The people and the capital freed by the bust will be reallocated, given time, to more productive use. Hopefully, a use able to give back a profit without external manipulations.
This could happen when people still had room to recover from the IT bubble 15 years ago. But instead of doing that, FED pumped up housing bubble to recover from the collapse of the IT bubble, and followed by an even giant debt bubble to recover from housing bubble's collapse, now they are running out of bubbles and when it stalled, everything happened in the past 15 years will be undone, means almost everything is malinvestment since 2000, no one can afford such a loss