> And this is becasue huge international investors still own sites like malls and retail centers and still remember the massive rents they used to command for those units.

Oh no. It's US pension funds that own a lot of real estate, and these will continue to get bailed out or protected by the government.

The decision of the US to back pensions on the stonk market has insane, crippling side effects not just on their economy but also on the rest of the world.