Spencer Rascoff

I mean, you basically can't do it.

There are some startups that have tried.

I looked at incubating some startups to do it.

But all the stars have to align.

The buyer has to match your credit.

It can't be done, essentially, in the current regulatory environment.

That would be a massive unlock.

More real estate development, so just more builder-friendly legislation would be very important.

That's something that some other states, not California, have done a better job of.

California has been a laggard in that way.

You know, I have incubated and invested in a lot of startups that help real estate agents use AI to be more productive.

I do think that's a bit of a limiter as well.

There's one called House Whisper, which I started with several former Zillow people, which makes an AI assistant basically for real estate agents and gives them incredible AI superpowers.

So that's a part of the unlock as well.

We don't have a demand issue.

We have a supply issue in the US.

So we need more supply.

We need more houses built.

We're missing about a million homes that basically weren't built after the financial crisis.

This goes all the way back to 2008.