RTO has benefits, just not for employees. Commercial real estate, businesses downtown, municipalities, they all benefit from this slow moving trainwreck.
There are certainly perceived benefits to management and/or related to real estate interests, including but not limited to: easier observation and suppression of employee organizing, different legal exposure profile as fewer people are casually creating business communication that may later be sifted during legal discovery, propping up commercial real estate investments, etc.
2) Municipalities give all sorts of tax breaks and incentives to companies, but only if people are in person helping the local economy.
If commercial real estate in general loses value, the value of these assets is also reduced, which will eventually be reflected on their balance sheets.
Even in cases where the real estate is leased rather than owned, the future rents owned are liabilities that are also a part of the companies' financial reports. If the demand for commercial real estate goes down, they won't be able to fully offset liabilities by subletting or selling their commercial real estate, which will show up as losses, write offs or write downs.