Tbh, it’s exactly what I mean. The important distinction is that nothing has changed except willingness to pay so... rents have to go down to clear transaction

Tbh, it’s exactly what I mean. The important distinction is that nothing has changed except willingness to pay so... rents have to go down to clear transactions. Overtime, some landlords will hold out, but by doing so, they may lose money vs what they would make if they sign lower deals. Bottom line, on the margin, rents will be lower.