Why I Left California - Billionaire Rick Caruso Responds To Criticism, Homeless & CRAZY Home Prices

The Iced Coffee Hour

Graham Stephan/Jack Selby

Business, Entrepreneurship

4.4 • 790 Ratings

🗓️ 14 December 2025

⏱️ 91 minutes

🔗️ Recording | iTunes | RSS

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Summary

NetSuite: Download the Demystifying AI Guide for FREE at https://netsuite.com/iced Cozy Earth: Luxury bedding & loungewear - use code ICH for up to 40% off at https://cozyearth.com Superhuman: Unleash your potential with AI that works at https://superhuman.com/podcast Shopify: Sign up for a $1 per month trial period at https://shopify.com/ich Add us on Instagram: https://www.instagram.com/jlsselby https://www.instagram.com/gpstephan Apply for The Index Membership: https://entertheindex.com/ Official Clips Channel: https://www.youtube.com/channel/UCeBQ24VfikOriqSdKtomh0w For sponsorships or business inquiries reach out to: tmatsradio@gmail.com For Podcast Inquiries, please DM @icedcoffeehour on Instagram! Timestamps: 00:00:00 - Intro 00:03:19 - California housing market 00:04:13 - Advice for CA real estate investors 00:07:42 - Biggest lie about CA real estate 00:09:18 - One CA law he’d reverse 00:16:31 - Managing properties efficiently 00:19:04 - Sponsor - NetSuite 00:22:06 - Can a dead mall be saved? 00:25:06 - Best and worst investments 00:28:04 - Succeeding without experience 00:30:17 - Worst investment mistake 00:32:29 - Can CA government fix housing? 00:35:42 - Sponsor - Cozy Earth 00:37:20 - Entrepreneurs in government 00:40:07 - Pace of politics surprise 00:43:48 - Why Karen Bass won 00:44:50 - Biggest campaign misconception 00:51:40 - Switching from right to left 01:05:43 - Sponsor - Superhuman 01:06:46 - Sponsor - Shopify 01:08:23 - Palisades causes 01:21:36 - Formula for building wealth 01:22:24 - How rich vs poor perceive money 01:25:35 - Importance of gratitude 01:26:55 - Advice for ambitious young people *Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	People have notions of what billionaires are like.
0:02.8	They're selfish or they're disconnected.
0:05.2	They don't understand.
0:06.7	I've lived my whole life trying to do things that really help other people.
0:10.8	Rick Caruso, philanthropist and billionaire developer of landmarks like The Grove,
0:14.8	says he's running for mayor of Los Angeles because current leadership has failed.
0:18.8	I ran for office because I saw massive negligence
0:25.0	on part of the leadership in the city.
0:28.1	What's your advice to young people watching this
0:30.2	who have seen your success in business
0:31.8	and want to recreate that today?
0:33.9	There's something very powerful in business
0:36.0	that I think most people don't fully understand.
0:39.8	Go do what you're passionate about.
0:41.4	I think that's the worst advice you can give somebody.
0:43.6	You've got to go do what you're good at.
0:45.7	And one of the things I'm really good at is surrounding myself with really smart people.
0:50.9	What do you think is the formula to becoming wealthy?
0:53.0	I think you have to have three things.
0:55.3	I think you have to be.
1:04.1	Rick Caruso, thank you so much for coming on the iced coffee hour podcast.
1:08.4	Really means a lot.
	...

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