Retail and apartment vacancies are rising, and rents are tumbling. Employers are cutting office space. And the pandemic continues to empty the city. The banks have  set aside hundreds of millions of dollars for commercial-property loan losses. But will it be enough? Regional players New York Community Bancorp Inc. and Signature Bank share prices are seeing significant declines thanks to their portfolios having a nearly exclusive focus on New York City.

Are further declines on the horizon? Will the short sellers be right? What new kinds of arrangements or business pivots can mitigate the damage or slow the declines? Are construction loans likely to be affected? And just how much panic is in the system today—will banks get stuck with foreclosed-upon properties like during the great recession?