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There are plenty of physically empty bedrooms. Therefore, they are 'available' to be occupied / rented, in theory. In practice, probably not. It's like saying there are plenty of empty car seats during morning commutes. It doesn't mean everyone will suddenly carpool.

Then they'll default. That happens when you overstretch and expect rates not to rise. The question is how many of them there are? Will enough people be affect by 1% rate rises to the point where they default that it'll crash the market? I have no idea.

The effect of interest rates decreases with the length of ownership. People who have owned for 25+ years have likely paid off the mortgage, so interest rates are irrelevant. People who have owned for 12 years have likely paid off 1/3 of the mortgage, and their wages have doubled since they...