How does a drop in the local housing market lead to you losing your job? A general market crash causes many people to lose their jobs, it doesn’t discriminate against homeowners.

The renters are probably in a worse position in that case too, stop paying rent for a month and you’ll be evicted the next month. Stop paying your mortgage and the bank will at least work with you for a little longer.

Yeah, like the landlord won't work with you for a little longer in a global crash? They will be very eager to start looking for new tenants?

Of course, if your job is remote, a local crash won't make you lose your job, but if it's local... prices just don't drop locally without reasons.

Around here most management companies probably wouldn’t care.

These aren’t small mom and pop operations but companies with straightforward rules. You’d probably get an eviction notice before a human was in the loop.

Sometimes the cause is a loss of employment at a large local employer, and the effect is a drop in the local housing market as former employees try to sell and move to places with a better job outlook.