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

Good morning. On Fortune’s radar today:

Something spooky is happening in the housing market. 

What Trump’s pursuit of popularity means for Iran. 

Markets: Buckle up for a busy week in the data calendar. 

Goldman Sachs has bad news for employees displaced by AI. 

Personal loan data suggests parents are cracking.

If you care about a corner office, Apollo isn’t for you.

Where have all the buyers gone? 

There are ghosts in the housing market, writes David Kelly, the chief global strategist at J.P. Morgan Asset Management.

Kelly suggests a number of factors have contributed to the “haunting” of the sector, writes Fortune’s Nick 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 household of about 2.5 people, he writes, that “implies a demographic need for just 320,000 new housing units per year,” compared with roughly 1 million per year in the first two decades of this century.

The pursuit of popularity

As the U.S. heads to the voting booths this week, most polls forecast that the Democrats will take control of Congress. Of course, polls can only predict so much and have surprised markets before. 

But with President Donald Trump potentially losing some of his political firepower, analysts are wondering what this means for action in the Middle East. The unpopular action in Iran has become linked to rising gas prices in voters' minds due........

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