Billionaire Caruso Says He No Longer Builds in LA Due to Prices

Billionaire developer Rick Caruso said Los Angeles’ high costs and bureaucracy have stopped his real estate company from building in the very city it’s based in.

“I made that decision long before I ever ran for office,” Caruso said at a Bloomberg Screentime conference in Los Angeles Thursday, referring to his 2022 campaign for LA mayor. “What leadership needs to understand is money is going to travel in directions that has the less friction to it, less risk to it.”