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Have an invite code? Sign up →Odd Lots
Sep 28, 2026 · 22m · 2 min read
A live Odd Lots panel with Bill McBride (Calculated Risk) and LA developer Zach Lazzari covers Los Angeles real estate development rather than markets. Lazzari argues commercial real estate can no longer profit from cap-rate/interest-rate arbitrage now that rates are higher, so operators must build genuinely distinctive properties to grow rents; he cites a city quote of roughly $1 million and "a few years or more" to build a single approved crosswalk as emblematic of LA permitting friction. McBride adds that California's housing crisis remains unresolved, ADUs are rising but add only marginal supply, and homebuilders' build-to-rent push is currently under pressure. There are no price levels, tickers, or trades in this conversation.
This is the super-short version — click for the full summary →