The Iced Coffee Hour Why I Left California - Billionaire Rick Caruso Responds To Criticism, Homeless & CRAZY Home Prices
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Dec 14, 2025 
Rick Caruso, a billionaire real estate developer known for iconic LA projects, dives into the chaotic California housing market and shares his insights on real estate investment. He discusses how regulatory burdens increase costs, the importance of pro-growth policies, and the need for a narrative shift to attract businesses back to LA. Caruso reflects on his political journey, the brutality of politics, and the urgent need for compassion and solutions for the homeless, particularly children. His advice for aspiring entrepreneurs emphasizes the value of surrounding oneself with smart people.
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Lean Into LA Real Estate Carefully
- Lean into Los Angeles real estate during downturns if you pick the right areas, product types, and price.
- Expect regulatory drag and target investments where a regional rebound is likely.
Regulation Is A Hidden Housing Tax
- CEQA and overregulation add substantial cost and delay to development, inflating housing prices.
- Caruso estimates regulations account for about 30% of housing cost, creating scarcity by deterring capital.
Change CEQA To Unlock Supply
- Reform or rebalance CEQA to remove abusive lawsuits while preserving environmental protections.
- Shift some Coastal Commission authority back to local agencies to speed approvals.