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Do they really still have that value if we have to reorganize our comfortable lifestyle in order to keep it? Seems like that value was already lost during the pandemic and they are trying to pass the loss on to the workers
The issue is who they have value to. Investors? Companies? Cities? Society as a whole?
The fact is that the absurd real estate prices in big cities really serve nobody except developers and landlords and real estate investors. For everyone else, they're just a useless tax- the people can't afford the quality of life their salary should command, companies pay through the roof for office space they don't need, support business (IE starbucks) pay through the roof for their own locations, etc.
The fact is real estate as a whole is LONG overdue for a SERIOUS correction. Actually it should have years ago, but a lot of people were hoping/pushing for pandemic to be a temporary blip. So you have empty buildings with sky-high rents because the landlord doesn't want to sign a 20yr lease at anything below top dollar, makes more sense to wait for the blip to end than accept a lower rate for 20 years.
But sooner or later those landlords are gonna have to accept the new reality. And so will developers and investors.