The gahmen has acted in the past to prop up the housing market. They do this by lowering the supply of land available for sale for private residential housing.
They did this during the financial crisis and did it again in June this year.
Now this won't necessarily stop prices from falling, but should slow the fall. And in theory, they should just stop land sales period.
What will likely be affected is
condo rentals. As sndy demonstrates, there are a number of people who are recently locked into rental contracts. However, as an increasing number of contracts come for renewal, what with expats leaving, it is reasonable to expect rental prices to fall.