What we are seeing is that with the proliferation of broadband internet, information workers don't need close proximity to one another. Cities are now largely obsolete, unfortunately. They're a choice whereas before they were a necessity, and arguments about how much someone loves the diversity of a city to the contrary, the emptiness of these office buildings speaks for itself.
I personally don't want to forcibly stagnate development to protect what amounts to unrealized losses becoming realized. The numbers are big, and so the impact is big, but fundamentally all this is is nonviable business models failing. If your pension relies on office buildings being full, if your city based it's investment plan on information workers requiring proximity to something physical, it was not viable, and there's nothing anyone can do to change that. I won't be forced into a life I don't want to save a city budget or someone's pension plan. Am I cheering? Sure, a little, but mostly I'm just looking at the situation pragmatically and realistically and seeing what's in front of me. If your retirement necessitates me paying thousands in rent to overlook deadlocked traffic, commuting for an hour or corporations paying for floor space as what amounts to a frivolous amenity, you backed the wrong horse and will take a financial hit, whether I cheer or not won't change that fact one iota.