...blame remote work because their commercial property might decline in value.
Yep. The Fed report is total nonsense. It's yet another opportunity for the business real estate owners to try sabotaging remote work. I remember when my boss converted us from fully remote during the pandemic (which worked wonderfully!) to a hybrid schedule after the pandemic. His justification was that our office space was going to be reclaimed for the executives if we're not using it. A few months after we went hybrid, the executives reclaimed our office space for themselves anyway. They moved us to a dungeon at that point.
When we brought up that being present in the office didn't save our office space, and that going back fully remote would benefit us all, we got shot down. The new excuse was that the customer-facing employees were angry that they didn't get to work remotely, and we needed to appease them so they didn't quit. When we brought up that they were completely unskilled labor, and we were highly skilled professionals, the boss just shrugged it off. He never liked the idea of remote work, but is at least somewhat afraid of a revolt. However, many of us are close enough to retirement that he's betting we're not willing to rebel. However, he's not completely certain of that, so we "get" to compromise.
But yeah, the Fed report is complete and utter bullshit.