This is start of pain process which anyone undergo hate in their life. See Macys update, they are already struggling retailer, furlough big mass of people.
Having seen 2000 and 2008, the road to recovery is too long and it is beyond the term of next president, be it Bernie sanders or Biden or Trump. Their whole term will be completed to bring back the economy !
President can make a difference or fed can make a difference to some extend, but it takes time to recover. IMO, it is beyond 2008 level, but not for real estate, but to entire economy.