Also, if you have a top heavy, senior exec filled org, they likely all own expensive property nearer to the office than the average worker (in big US cities).

Think NYC. At a few companies I noticed the decision makers had nice apartments in Manhattan or big homes with reasonable commutes from CT or NJ, or both. It isn't like those property values went down, but over a long enough period of time maybe the value wouldn't grow as quick with WFH.

Also, just being out of touch with the reality of housing for most non business decision making employees.