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

EXCERPT:

O’LEARY: “The other insidious problem, and California is a good example, the policy on regulation is so punitive, to set up a tract of land to build housing, that many people don’t even do it. I don’t even invest in real estate in California or in New York. It’s impossible to get the permits. And the craziness about it is it’s really holding back pricing because up to 40 to 50 percent of the embedded cost of each house is the regulatory cost of getting through the process. How insane is that?”