It's a fun theory, and sounds rather plausible at first blush, but do so many of the upper management class really have so many commercial real estate investments that they're willing to break the effectiveness of their core business?

I know of at least one company with an RTO drive but leased the office, and the land owner doesn't have external shareholders. Also the company paid for quite a snack supply, so backsides in seats actively cost a relatively small but still not trivial amount of money.