Lower taxes is good for home owners, too. It’s only those wanting to profit from housing prices in the short term who are hurt. The prices will go back up and as long as you are selling and then buying if you move, and the prices are going down across the board, you won’t lose anything.
The only negative really other than for investors is for retirees who need to sell to have money to survive.
And I say this as someone who purchased a home in an overpriced area a couple of years ago. The value has slightly declined and I’d love to see it further decline so I could pay less in taxes. In 15 or 20 years when I’m ready to sell it will be plenty valuable.