[PheonixPharts]

I think the main difference is that, at least in the US, a lot of people that bought multiple homes in the last few years are fairly heavily leveraged. It's not "very affluent class owning the properties", but people that took out a another mortgage because they thought real estate was a sure bet.

The real issue in the US is going to come down to how many people can continue to afford multiple homes which is where rising interest rates and inflation both come into play. Anyone that bought a second home using an ARM may be forced into paying much more than they thought, and rising interest rates are going to put additional pressure on people with investment properties as they may need more liquidity sooner than originally expected to cover routine expenses.