Where I live there’s a big movement of office->residential. It’s not free. Should it be? Was it a risk free investment? I’d argue no and no, and mention they’ll likely be better off financially as we have a shortage of housing and an excess of commercial in my market

Sure, let's say it is shareholders. So these shareholders (diverse, distributed groups) get together and collude to pressure their investment companies to sacrifice performance (WFH) for the benefit of the shareholders' other investments?

I don't buy it.