They're also operating in an environment where the commercial loans they have on the buildings essentially prevent them from lowering the rent. The building is

They're also operating in an environment where the commercial loans they have on the buildings essentially prevent them from lowering the rent. The building is valued at a multiple of the monthly revenue. If they were to lower the rent to get a new tenant, the monthly revenue of the building would decrease, and the owner would have to give the bank additional collateral in the form of cash. So, they leave it empty, which prevents the building value from decreasing. And the mortgage payments are suspended while the building is empty with the payments and additional interest tacked onto the end of the mortgage. This is specifically about commercial buildings in NYC and will vary for residential and other areas.