This will cause a housing crashing in the lower cost of living places like Texas where an H1B holder routinely makes less than $80K a year, but can still afford to buy brand new homes in the best school districts. Their employers will not able to hike their wages and will likely turn to outsourcing firms or open offices in the coasts where there is more qualified talent available.

It will get fixed in about 4-5 years when enrollments into tech degrees catches up with the job market.