One explanation that I have heard that sort of makes sense is that by refusing to lower asking rents they prevent existing tenets from seeking rent reductions.

One explanation that I have heard that sort of makes sense is that by refusing to lower asking rents they prevent existing tenets from seeking rent reductions. So the calculation is probably some combination of projected increase in occupancy, projected rent reductions of existing tenants, tax implications, and potential loan recalls. My guess is most landlords are just trying to hold on till the end of the pandemic and hope that rents and valuations snap back quickly.