Apollo doesn’t care what you wear to the office—and gives interns a better office view than CEO Marc Rowan

Kelly suggests a number of factors have contributed to the “haunting” of the sector, writesFortune’sNick Lichtenberg, such as more than a decade of too-easy money, tariffs, immigration policies that raise the cost of building homes while limiting the number of people who need them, and a Fed whose rate swings hit housing harder than almost anything else.

But contrary to popular opinion that the property market is facing a supply problem, Kelly believes the ghoul in the data lies in demand. He expects U.S. population growth of just 800,000 a year over the next few years.

With an average…