This isn't the first commercial RE bubble the US has had to cope with. We had a similar catastrophic one near the end of the 80s that bled into the 90s. People

This isn't the first commercial RE bubble the US has had to cope with. We had a similar catastrophic one near the end of the 80s that bled into the 90s. People have mostly forgotten about it. Vacancies in some cities rose from 10% to 40% largely due to overbuilding. Recovery took about a decade.