alt Hacker News> Don't forget this is typically a short term things. When the economy improves the building will be rented again.
In my experience in many cases this is not true. The shift toward online shopping, for instance, has meant that a lot of retail properties have no realistic chance of recovering to previous values. The accounting shenanigans described in this thread are just a way for various people to play make-believe that their properties haven't already lost value permanently.
There have always been shifts in where people shop. However retail overall is still doing very well. Downtowns as a place people go to shop is mostly dead (in the US, not elsewhere), but people still go out to shop someplace and the new places will recover.