There's over $1.5 trillion in commercial real estate value that's spiraling in value due to numerous factors, but so many offices going fully remote has definitely contributed to an non-insignificant degree. Additionally, many cities/counties get a shit ton of their tax revenue from the property taxes on that same commercial real estate. If the value of those properties plummet, then tax revenue also plummets. Then you also have a lot of commercial real estate investor that foolishly over extended themselves over the pandemic by buying up a lot of shit when some loan rates were almost 0% at one point. Now, those investments don't look so hot and they're massively in debt and at risk for faulting on those properties.

Tldr; from on my understanding, it's sorta like the 2008 subprime crash, but with commercial real estate and different circumstances.

That being said, fuck those investors and fuck cities heavily relying on property taxes for the bulk of their revenue. Teach them all a lesson, just like they'd unsympathetically teach us common folk a lesson when we fuck up