From CEO perspective they shift all accommodation [overhead] costs to employees with no increase in wages. Even with slightly lower productivity then financially surely wfh for dev roles and the like is going to get them a bigger bonus and/or more profit.
Sure it might just be cleaning/utility costs/stationary for now, but longer term expansion won't have stepped accommodation costs. And if locations can be done away with ...
I can't see why workers would be happy without higher wages? I want at least to afford a house big enough to have an office space (I'm working out of my bedroom, my line-manager is in their kids bedroom, their line-manager is in a utility room (storage and laundry room)). 5-10% increase in wages should do it.