The liberals predictably see this as the rich getting hosed by their own greed but when the commercial mortgage notes start coming due and no money is available to refinance at a reasonable rate, the banks are going to get the rug pulled meaning the actual tax payers will have to bail them out again. If it were just one or two cities, it would be one thing but it's just about every large coastal urban area so my guess the fed will drastically lower interest rates and the president will push a bailout thus inflation is not going to abate.
In the case of NYC in the Manhattan business district I don't see a solution that restores this area, the homeless tent dwellers/drug abusers are hard at work making the place as unpleasant to work in as possible and the landlords are going to be stuck holding the bag because of low tenant utilization and high mortgage rates. Local small businesses are going to become extinct. I think in 15 years Detroit will look good in comparison.