This is a bit bigger than a butterfly.
Seems the center caved in. Odd way for it to happen.
Will there be follow through? Sort of possibly. We know things are getting tighter in the US economy particularly on the commercial side of RE.
While it was $1 billion of Disney money the amount of other money may have been higher. Leverage out 15 years of earnings going towards mortgages in an expensive RE market. It was more than $1 billion.
If this spreads in Florida because the housing values drop then it will be a crisis. Or will this be easily absorbed? If this was not closer to a market top it would be easily absorbed.