My feeling is that the pandemic and impending economic collapse will change that.

Remember when the 2008 crisis hit, no one was buying but no one was renting either. And a lot of banks with real estate on their books just let it sit there (where it sits today).

Once a the credit default domino chain starts to fall, people and organization will need to get liquid. The first stage will see some people jump in on pent-up demand but after that, real estate will fall through the floor. It will literally drop to near nothing in places.