Bingo! What y'all are missing is that the equity value in these buildings is collateral for some huge loans. As they default, it could ripple through the banking sector and maybe bring down a few more, which in turn bring down a few more, and you have 1929 all over again. No amount of money-printing will stop it.
All. E cause of the insane government over-reaction to COVID, too. We printed and showered $5 trillion across the land to deal with people staying home during COVID. Now the feds will have to print a lot more than that to prop up the banks suffering CRE losses from assets worth 40% (far less?) of their previous value.
If the feds can stop the contagion and prevent depression, expect massive inflation.