Economy

It's also different in who is going to take the hit, and what happens to that hit. Many of the most impacted companies are going to be major global companies who have invested in sprawling campuses. Generally they're not just going to walk away from them, leaving the banks to deal with losses and unsellable properties. I realize there have been instances of this, like in san francisco with that hotel. But It's pretty substantially different. Google can take having their multi billion dollar campus drop in value by 50% without making it anyone else's problem, or really even caring themselves.