If we’ve transitioned into a different socioeconomic system from capitalism, then it really could be different this time. It just means that certain assets are no longer traditional “assets” but should be viewed as an annuity etc.
Housing can return 20% per year until the end of time if the Fed wishes it to.
How is it plausible? I would say given the historical data, it is extremely unlikely. Not impossible, but near negligible probability.
People saying, “it’s different this time,” right before a economic crash is a cliche for a reason. I suspect that you could use the frequency of utterances to predict impending recessions / asset class corrections with extremely high accuracy.