Here in SF the property owners pretend everything is okay and avoid lowering rents so that the banks don't foreclose. Values haven't bottomed at all. They are just extending price discovery. Sound familiar? I'll add the main transport system (BART) that gets people into the city is at 38% of 2019 ridership. That's 38% not 38% lower. Yeah everything is okay.
they can’t lower rents due to loan covenants. If they lower rents it’s like marking the property to a lower market and will trigger a loan to value default. this is what ultimately did Freddie Mac in.