Kevin O’Leary: ‘I Don’t Even Invest in Real Estate in California or in New York, It’s Impossible to Get the Permits’

ASMAN To get policy ░░░░░░░░ you have to ask ░░░░░░░░ right questions And you ░░░░░░░░ to know what the ░░░░░░░░ is The problem with ░░░░░░░░ I m going to ░░░░░░░░ correct me if I ░░░░░░░░ wrong because you know ░░░░░░░░ lot more about it ░░░░░░░░ I do But the ░░░░░░░░ problem that we have ░░░░░░░░ the United States the ░░░░░░░░ that s that s ░░░░░░░░ up the prices of ░░░░░░░░ interest rates are another ░░░░░░░░ but it s shortage ░░░░░░░░ have a shortage of ░░░░░░░░ A lot of it ░░░░░░░░ to do with the ░░░░░░░░ and other things But ░░░░░░░░ you are if you ░░░░░░░░ a shortage problem in ░░░░░░░░ is this the right ░░░░░░░░ Is this the right ░░░░░░░░ this 25 000 deal ░░░░░░░░ deal with it O ░░░░░░░░ No that s beyond ░░░░░░░░ Think about it you ░░░░░░░░ a shortage you then ░░░░░░░░ more helicopter money from ░░░░░░░░ sky You cause inflation ░░░░░░░░ if you re the ░░░░░░░░ of a house and ░░░░░░░░ ve got 15 bids ░░░░░░░░ you know that person ░░░░░░░░ just received 25 000 ░░░░░░░░ up your price 25 ░░░░░░░░ The price just went ░░░░░░░░ Of course that s ░░░░░░░░ to happen Here s ░░░░░░░░ we have a shortage ░░░░░░░░ one we had such ░░░░░░░░ interest rates for such ░░░░░░░░ long time where rates ░░░░░░░░ mortgages were sort of ░░░░░░░░ below 4 percent and ░░░░░░░░ re only halfway through ░░░░░░░░ system So you ve ░░░░░░░░ millions of people with ░░░░░░░░ that are 3 7 ░░░░░░░░ 8 that don t ░░░░░░░░ to sell for another ░░░░░░░░ years They re not ░░░░░░░░ because they don t ░░░░░░░░ a 7 2 percent ░░░░░░░░ That supply is off ░░░░░░░░ market The other insidious ░░░░░░░░ and California is a ░░░░░░░░ example the policy on ░░░░░░░░ is so punitive to ░░░░░░░░ up a tract of ░░░░░░░░ to build housing that ░░░░░░░░ people don t even ░░░░░░░░ it I don t ░░░░░░░░ invest in real estate ░░░░░░░░ California or in New ░░░░░░░░ It s impossible to ░░░░░░░░ the permits And the ░░░░░░░░ about it is it ░░░░░░░░ really holding back pricing ░░░░░░░░ up to 40 to ░░░░░░░░ percent of the embedded ░░░░░░░░ of each house is ░░░░░░░░ regulatory cost of getting ░░░░░░░░ the process How insane ░░░░░░░░ that ASMAN Right O ░░░░░░░░ So somebody has to ░░░░░░░░ that That s how ░░░░░░░░ re going to get ░░░░░░░░ supply on the market ░░░░░░░░ have massive problems on ░░░░░░░░ but 25 000 free ░░░░░░░░ money is insane That ░░░░░░░░ a crazy notion that ░░░░░░░░ never happen, never happen.”