Other than some of the residents who don’t want to see empty storefronts, who is incentivized to push for a correction in this case?
That is a tad dismissive. Instead of not wanting to see empty storefronts, consider residents who would like to start a local business, but can not because the rent on commercial properties is prohibitively expensive. Then remember that there are residents who would like more jobs in the area.
But residents understand that if that property value goes down, their own property value will go down as well, no? Unless they're a renter, which is the minority of the population. So, even if they'd want to open a business, they'd need to be ok with the devaluation of their environment as well.
That is a tad dismissive. Instead of not wanting to see empty storefronts, consider residents who would like to start a local business, but can not because the rent on commercial properties is prohibitively expensive. Then remember that there are residents who would like more jobs in the area.