Ok I don’t understand everything about American property stuff, but Luis Rossman explained it in a video.

Basically if you have a building as your asset in your portfolio then it’s value is determined by it’s rent. (independent of the fact that no one is renting it for that price) so because lowering the rent would lower your value at the bank, nobody is lowering the rent. And many buildings are empty and cost money, but they can’t lower the rent, because it would lose them much more money. And the selling prices increase also because number must go up.