If we want to fix the situation someone is eventually going to end up with the short end of the stick. I don't think it's entirely unfair that the people that have benefited for decades from the current situation end up with said short end.

I've been renting for the last 10 years, the house I'm in now is estimated to be worth $300,000. My rent payment is 2500.

2500 x 10 x 12 = coincidentally, $300,000 exactly, that I'll never see again.

So someone who owns an equivalent home for the same amount of time, if it were to suddenly have the value plummet to $0, would still come out ahead of me because they'd only be losing the equity they've put into their home. And that's still not a fair comparison, because there's almost no way it'd become utterly worthless, so they'd still be left with something to show for it even if it loses a significant percentage of its value.

Housing is a basic human need for survival, to be 100% honest I don't feel that bad that the people that have been willfully participating in a system that only works by screwing other people over may lose some money when the people getting screwed over have had enough and try to change things.

Technically yes, “screwing” the ones that screw other people definitely will even things out and fix it, and it will reduce the gap too, however, that's something no democratic government will do when that said government needs those voters and the sponsor from corps. So democracy is the problem in this issue.