The smart rich who identified the irrationality of the markets (not just RE) and sold assets high will help deflate this bubble so they can buy low again (I think this is why we're seeing shifts in the mass media narrative now).

The dumb rich who bought many assets at ATH will be bag holders, and many are still in denial of it, so it will take a while for them to freak.

Although in self-interest, I am rooting for the first group.

So, we are not just taking low/middle class vs the rich here necessarily; there is a segment of the rich that want the same (bubble to deflate). While everyone is acting in self-interest of course, it leads to the same overall desired outcome.