Comment by highcountess

Some responses approached the reason, but they are essentially the behemoth financial interests of the various pension funds of essentially all the state governments and corporations, high net worth family funds, institutional money like university endowments and REITs/IRA/401ks, even many foreign sovereign and pension funds like the Scandinavians, Dutch, Germans, etc.

As you may be surmising, this not only carries rather major domestic risks if pension and other domestic funds start crumbling, but it also has massive implications for foreign countries’ domestic financiers and social stability, but it also has geopolitical implications from it.

During the post housing fraud period, a rather understated change was implemented to encourage accounting to not mark real estate to market value, i.e., record what the market is willing to pay, but rather keep real estate on the books for whatever value one would like to keep it at by various methods and practices.

What that essentially affected was a cooking of the books to prevent on book from showing losses. It is essentially still going on, but especially in commercial real estate since the COVID happenings.

You now still have massive buildings essentially still totally empty, all still valued at full occupation valuation even though they are, e.g., only taking in barely enough to cover operating costs in a freeze state, i.e., minimal services.

This is where things like property taxes come in, as the properties are still assessed at fabricated values, and property taxes are used to fund the local governments, everyone with financial interests in commercial real estate (many, because it was considered very safe) are now crying for mom. It gets a bit off topic here, but I think you get the gist.