Not just investors and commercial holdings, but many states & localities have offered big tax breaks to businesses to get or keep them in town -- Texas (Austin, esp.) come to mind. Idea being that a lot of big developments translated to a lot of workers, who bought houses, commuted, purchases gas+coffee+lunches, etc.

With those workers leaving the city loses revenue, on top of downtown areas dying off, which exacerbates the tax base problem further.

Anecdotally, my org mandated 3 days back but has pretty slide, across the entire org, back to 2 days. The genie is out of the bottle and there is widespread, if quiet, resistance from everyone, to include senior managers.