New York has solved this by keeping the offices valued at the same price but just letting them sit empty.
Example a $10m building, you put $1m down on. You go to refinance the loan and they are only willing to float you $7m now because you arent able to charge as much rent to tenants. Thus requiring you to come up with $2m or lose your $1m investment and the building.
And the homeless population keeps going up.