Geopolitics Alpha

San Francisco Is Still Pushing to Turn Offices Into Homes

Published . Updated .

The city has not completed a single office-to-housing conversion, despite hopes to meet housing demand and inject life into empty downtowns.

Directly affected

  • No company is named in this report.

Indirectly affected

  • ARI APOLLO COML REAL ESTATE FIN COM

    GA selected ARI as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.

  • KREF KKR REAL ESTATE FIN TR INC COM

    GA selected KREF as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.

  • REFI CHICAGO ATLANTIC REAL ESTATE F COM

    GA selected REFI as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.

  • ACRE ARES COML REAL ESTATE CORP

    GA selected ACRE as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.

  • FREL FIDELITY COVINGTON TR MSCI REAL ESTATE

    GA selected FREL as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.

  • GHI GREYSTONE HOUSING IMPACT INVES BEN UNIT CTF

    GA selected GHI as a RELATED security because its canonical security name directly matches this event's themes: housing. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.

Price reaction, T-5 to T+3

TickerT-5T-3T-1T0T+1T+2T+3
ARI-0.32%-0.40%—+0.88%+2.80%+1.04%+2.64%
KREF———————
REFI———————
ACRE+4.23%+2.82%—+0.56%+0.00%-1.41%+0.85%
FREL-1.64%-2.11%—+0.76%+0.55%-0.31%+0.91%
GHI+3.35%+6.71%—+1.97%-3.35%-3.75%-2.37%

The city has not completed a single office-to-housing conversion, despite hopes to meet housing demand and inject life into empty downtowns.

Source: The New York Times

Apollo Commercial Real Estate Finance (ARI) since this story, compared with the market

Since the first closing price after “San Francisco Is Still Pushing to Turn Offices Into Homes,” Apollo Commercial Real Estate Finance (ARI) is +0.32%. The S&P 500 fund (SPY) is -1.47% over the same days, a +1.79% difference versus the market.

CompanyWhenMoveStatus
Ares Commercial Real Estate (ACRE)that day+0.56%final price
Ares Commercial Real Estate (ACRE)the next day0.00%final price
Ares Commercial Real Estate (ACRE)two days later-1.41%final price
Ares Commercial Real Estate (ACRE)three days later+0.85%final price
Ares Commercial Real Estate (ACRE)three days earlier+2.82%final price
Ares Commercial Real Estate (ACRE)five days earlier+4.23%final price
Apollo Commercial Real Estate Finance (ARI)that day+0.88%final price
Apollo Commercial Real Estate Finance (ARI)the next day+2.80%final price
Apollo Commercial Real Estate Finance (ARI)two days later+1.04%final price
Apollo Commercial Real Estate Finance (ARI)three days later+2.64%final price
Apollo Commercial Real Estate Finance (ARI)three days earlier-0.40%final price
Apollo Commercial Real Estate Finance (ARI)five days earlier-0.32%final price
Fidelity Covington Tr Msci Real Estate (FREL)that day+0.76%final price
Fidelity Covington Tr Msci Real Estate (FREL)the next day+0.55%final price
Fidelity Covington Tr Msci Real Estate (FREL)two days later-0.31%final price
Fidelity Covington Tr Msci Real Estate (FREL)three days later+0.91%final price
Fidelity Covington Tr Msci Real Estate (FREL)three days earlier-2.11%final price
Fidelity Covington Tr Msci Real Estate (FREL)five days earlier-1.64%final price
Greystone Housing Impact Investors (GHI)that day+1.97%final price
Greystone Housing Impact Investors (GHI)the next day-3.35%final price
Greystone Housing Impact Investors (GHI)two days later-3.75%final price
Greystone Housing Impact Investors (GHI)three days later-2.37%final price
Greystone Housing Impact Investors (GHI)three days earlier+6.71%final price
Greystone Housing Impact Investors (GHI)five days earlier+3.35%final price
GLDthat day-0.63%final price
GLDthe next day-0.76%final price
GLDtwo days later-2.24%final price
GLDthree days later-0.50%final price
GLDthree days earlier-2.27%final price
GLDfive days earlier-1.32%final price
ARI
SPY

Who is named in “San Francisco Is Still Pushing to Turn Offices Into Homes”

Companies carried with this story

  • ARI Apollo Commercial Real Estate Finance

    In “San Francisco Is Still Pushing to Turn Offices Into Homes,” Apollo Commercial Real Estate Finance (ARI) is linked, with no stored direction, medium confidence. Reason on file: GA selected ARI as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

  • KREF KKR Real Estate Finance Trust

    For “San Francisco Is Still Pushing to Turn Offices Into Homes,” KKR Real Estate Finance Trust (KREF) is linked, with no stored direction, medium confidence. Reason on file: GA selected KREF as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

  • REFI Chicago Atlantic Real Estate Finance

    In “San Francisco Is Still Pushing to Turn Offices Into Homes,” Chicago Atlantic Real Estate Finance (REFI) is linked, with no stored direction, medium confidence. Reason on file: GA selected REFI as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

  • ACRE Ares Commercial Real Estate

    For “San Francisco Is Still Pushing to Turn Offices Into Homes,” Ares Commercial Real Estate (ACRE) is linked, with no stored direction, medium confidence. Reason on file: GA selected ACRE as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

  • FREL Fidelity Covington Tr Msci Real Estate

    Fidelity Covington Tr Msci Real Estate (FREL) is linked, with no stored direction, medium confidence in the 11 Oct 2026 story “San Francisco Is Still Pushing to Turn Offices Into Homes.” Reason on file: GA selected FREL as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

  • GHI Greystone Housing Impact Investors

    In “San Francisco Is Still Pushing to Turn Offices Into Homes,” Greystone Housing Impact Investors (GHI) is linked, with no stored direction, medium confidence. Reason on file: GA selected GHI as a RELATED security because its canonical security name directly matches this event's themes: housing. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

How “San Francisco Is Still Pushing to Turn Offices Into Homes” reaches Apollo Commercial Real Estate Finance (ARI)

Apollo Commercial Real Estate Finance (ARI) is the company in “San Francisco Is Still Pushing to Turn Offices Into Homes,” the 11 Oct 2026 this story story.

What ties Apollo Commercial Real Estate Finance (ARI) to the headline is this: GA selected ARI as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

A second company, KKR Real Estate Finance Trust (KREF), is listed for a different reason: GA selected KREF as a RELATED security because its canonical security name directly matches this event's themes: real estate. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article

Price levels for Apollo Commercial Real Estate Finance (ARI)

ARI traded between 6.12 and 6.50 across 20 sessions. The latest close on file is 6.33. KREF traded between 5.51 and 6.85 across 20 sessions. The latest close on file is 5.69. REFI traded between 8.77 and 10.93 across 20 sessions. The latest close on file is 8.78.

How strong the case is around Apollo Commercial Real Estate Finance (ARI)

46 out of 100

“San Francisco Is Still Pushing to Turn Offices Into Homes” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.