AI transcript
0:00:03 Support for this show comes from Klaviyo.
0:00:05 You’re building a business.
0:00:07 Klaviyo helps you grow it.
0:00:09 Klaviyo’s AI-powered marketing platform
0:00:12 puts all your customer data plus email,
0:00:15 SMS, and analytics in one place.
0:00:17 With Klaviyo, Tind Fish Phenom Fish Wife
0:00:21 delivers real-time personalized experiences
0:00:23 that keeps their customers hooked.
0:00:24 They’ve grown 70 times revenue
0:00:26 in just four years with Klaviyo.
0:00:28 Now that’s scale.
0:00:31 Visit klaviyo.com
0:00:33 to learn how brands like Fish Wife
0:00:36 build smarter digital relationships with Klaviyo.
0:00:42 – Thumbtack presents the ins and outs
0:00:44 of caring for your home.
0:00:47 Out, indecision, overthinking,
0:00:50 second-guessing every choice you make.
0:00:54 In, plans and guides that make it easy
0:00:56 to get home projects done.
0:01:01 Out, beige on beige on beige.
0:01:05 In, knowing what to do, when to do it,
0:01:06 and who to hire.
0:01:09 Start caring for your home with confidence.
0:01:11 Download Thumbtack today.
0:01:15 – In 100 meters, turn right.
0:01:17 Actually, no, turn left.
0:01:19 There’s some awesome new breakfast wraps at McDonald’s.
0:01:20 – Really?
0:01:22 – Yeah, there’s the sausage bacon and egg,
0:01:24 a crispy seasoned chicken one.
0:01:26 – Mmm, a spicy end egg, worth the detour.
0:01:28 – They sound amazing.
0:01:29 – That they taste amazing too.
0:01:30 (sighs)
0:01:32 Wish I had a mouth.
0:01:34 Take your morning into a delicious new direction
0:01:36 with McDonald’s new breakfast wraps.
0:01:39 Add a small premium roast coffee for a dollar plus tax.
0:01:41 At participating McDonald’s restaurants.
0:01:42 Ba-da-ba-ba-ba.
0:01:46 – Welcome to the Propgy Pod’s Office Hours.
0:01:48 This is the part of the show where we answer questions
0:01:49 about business, big tech, entrepreneurship,
0:01:50 and whatever else is on your mind.
0:01:52 If you’d like to submit a question,
0:01:55 please email a voice recording to officehours@propgmedia.com.
0:01:59 Again, that’s officehours@propgmedia.com.
0:02:00 Question number one.
0:02:02 – Hi, Prof.
0:02:03 A few weeks back,
0:02:06 you discussed the housing crisis facing this country.
0:02:08 You discussed a number of factors,
0:02:10 but I did not hear you mention the impact
0:02:15 of the sharing economy, such as Airbnb and VRBO.
0:02:17 I live in Nashville, Tennessee,
0:02:20 which has seen a confluence of two events.
0:02:25 A post pandemic or post COVID population rise
0:02:28 from residents of high tax states,
0:02:29 such as New York and California,
0:02:32 moving to a very low tax state here in Tennessee.
0:02:35 And additionally, we’ve also risen
0:02:38 as a very popular vacation destination.
0:02:41 Both of these have contributed to our building boom,
0:02:42 which we’re seeing here.
0:02:44 We have a number of apartments
0:02:46 and a number of housing units being built,
0:02:49 but many of those are built and owned
0:02:53 for the sole purpose of being short-term rentals.
0:02:56 As a result, we have seen our housing prices soar.
0:03:01 What impact are you seeing the home sharing economy
0:03:03 have on the rest of the country?
0:03:05 Is it similar to what we’re seeing here in Tennessee
0:03:07 or are we just an anomaly?
0:03:08 Thanks so much for your show.
0:03:10 Always appreciate it.
0:03:11 – A really thoughtful question.
0:03:14 So disclosure, I’m a shareholder in Airbnb.
0:03:16 There’s just no getting around it.
0:03:18 This is an issue.
0:03:20 Cities across the U.S., including New York and Santa Monica
0:03:22 are cracking down on short-term rental platforms,
0:03:25 specifically Airbnb and VRBO.
0:03:26 So let’s look at the numbers.
0:03:28 U.S. short-term rental market in 2023
0:03:32 was $64 billion in revenue up from $39 billion in 2019.
0:03:36 Vacation rental listings in the U.S. over $2.4 million
0:03:39 and more than 785,000 hosts.
0:03:41 And the estimated U.S. housing shortage
0:03:44 is at least 2 million homes.
0:03:46 Economists are divided on whether implementing bans
0:03:48 on short-term rentals helped solve
0:03:49 the housing affordability crisis.
0:03:51 A 2019 Harvard Business Review study found
0:03:55 that a 1% increase in Airbnb listings
0:03:59 led to just a small 0.01% rise in rental prices.
0:04:03 Airbnb’s response, short-term rentals bring money to cities
0:04:05 through rental fees and visitor spending.
0:04:06 They also say that most of their listings
0:04:08 are outside typical tourist areas
0:04:09 supporting neighborhoods that usually
0:04:11 don’t benefit from tourism.
0:04:12 That’s a fair point.
0:04:14 I would say there’s contradictory forces here.
0:04:16 The first is there’s just no getting around it.
0:04:18 If people start taking stock that would ordinarily
0:04:22 be used for long-term rentals and converting it
0:04:25 to short-term rentals, then local residents
0:04:29 see their rent or the rent on their rent go up.
0:04:30 That makes sense.
0:04:32 That, I see, is a transfer of wealth
0:04:36 from residents to tourists who are looking to not–
0:04:39 who don’t want to stay at some Joey Bagadona’s hotel
0:04:43 in Midtown for $600 a night so they can rent a cute studio
0:04:48 or one bedroom for $300 in Chelsea or Soho or Flatiron.
0:04:49 So they benefit.
0:04:53 It’s an economic arbitrage or economic transfer
0:04:55 from residents to tourists, if you will,
0:04:58 or from long-term renters to short-term renters.
0:05:03 Now, to Airbnb’s point, this should create economic activity.
0:05:06 If you reduce the friction of coming to a city
0:05:08 and getting more people spending money and more people coming
0:05:12 to different metros, it should create economic growth.
0:05:15 The key is– and the hotel’s had a good point–
0:05:17 that Airbnb should pay paying a certain amount of tax
0:05:18 or the same tax.
0:05:22 And then is that money being reinvested in new housing stock?
0:05:26 The biggest problem we have in the US around housing
0:05:27 is that we just don’t have enough supply.
0:05:29 It’s obviously not a demand problem.
0:05:31 It’s that it has become so difficult.
0:05:34 I think the primary culprit around increasing
0:05:37 rents and unaffordability around housing
0:05:39 is, essentially, we have taken housing permits
0:05:40 out of the hands of civic officials
0:05:43 and put it into the hands of homeowners.
0:05:45 What do I mean by that?
0:05:47 If you want to build, you have to get through the local
0:05:50 Architectural Review Board, the city planning commission.
0:05:51 And unfortunately, these commissions
0:05:55 are filled with current homeowners who always
0:05:57 find reasons not to increase the housing stock.
0:05:58 Why?
0:06:00 Because the incentives are to limit the housing stock,
0:06:03 such that the value of the assets they already own,
0:06:05 their homes, increases in value.
0:06:06 So they will listen to someone.
0:06:08 I bought a piece of land in Florida
0:06:09 when we were planning on developing it.
0:06:11 And a woman showed up to the review meeting in Florida.
0:06:15 It’s actually quite developer-friendly and said,
0:06:17 I want a study done, or I don’t want them to develop over there
0:06:21 because I walk my dog on that piece of property.
0:06:24 OK, so that’s trespassing.
0:06:26 I mean, they just delayed it another month
0:06:30 because a woman liked to walk her dog on my land.
0:06:33 We need economic incentives and tax rates.
0:06:35 We need to basically weaponize the private sector
0:06:37 and provide some sort of economic incentive
0:06:38 to get them building again.
0:06:40 I think this is really the problem.
0:06:41 I don’t think it’s short-term rentals.
0:06:42 I think they add to it.
0:06:45 But I think taxing them and putting in place
0:06:48 some restrictions might make sense.
0:06:50 I’m not even sure you want to put in place restrictions.
0:06:52 I think you just– what you want to do
0:06:56 is let their freak flag and their capitalist flag grow.
0:06:58 Let them do a bunch of innovation around current assets.
0:07:01 Also, there’s a certain private property element here.
0:07:03 And that is, if I own my place, I
0:07:05 should be able to do pretty much whatever the fuck I want with it.
0:07:07 The real issue here is a supply problem.
0:07:09 We need the government to weigh in with tax subsidies
0:07:12 and economic incentives such that builders rev up those engines.
0:07:15 And also, we probably need some sort of regulation
0:07:19 that makes it more difficult for civic officials
0:07:20 that are crammed with current homeowners
0:07:24 to weaponize the scarcity culture that we have engaged in.
0:07:26 If I already own stocks, I’m going to create monopolies
0:07:28 such that those stocks go up and up and up.
0:07:30 If I already own a home, I’m going
0:07:32 to make it harder for someone else to own a home.
0:07:35 If I already have a degree from UCLA,
0:07:38 because I got in with a 76% admissions rate,
0:07:41 I like that it’s a nine because that makes the value of my degree go up.
0:07:45 We have moved from a egalitarian society investing
0:07:49 an opportunity to a scarcity rejectionist bullshit culture
0:07:51 that’s about the hunger games where once I get mine,
0:07:52 I want to make it harder for you to get yours.
0:07:54 And housing is ground zero for that.
0:07:56 Thanks so much for the question.
0:07:58 Question number two.
0:07:58 Hi, Scott.
0:08:01 This is Cameron from Orlando, Florida.
0:08:03 I’ve been doing relatively well in my career thus far
0:08:07 and have been able to save and invest a substantial amount of money.
0:08:10 I’m considering starting my own business within the next few years
0:08:15 and was hoping you could help identify and give advice for avoiding
0:08:19 some early pitfalls that young entrepreneurs tend to fall into.
0:08:21 Thank you and love the show.
0:08:22 Thanks so much, Cameron.
0:08:23 Well, I have a lot of experience here
0:08:25 because I’ve started a lot of companies that have failed.
0:08:27 I’ve started some that have been successful.
0:08:28 And the wonderful thing about America
0:08:30 is you only need a couple successes.
0:08:33 And if it does really well, you’re set for the rest of your life.
0:08:35 OK, so greatness is in the agency of others.
0:08:38 I’ve typically, until the last 10 years of my life,
0:08:40 I had the credibility and I thought the skill to start businesses on my own.
0:08:41 I always had a partner.
0:08:44 I started my first business.
0:08:46 My first business was a video rental business when I was 24.
0:08:48 I partnered with my friend, Lee Lotus.
0:08:50 My next business was profit brand strategy.
0:08:54 I partnered with my business school classmate, Ian Chaplin.
0:08:57 I typically started businesses with other people.
0:09:00 So one, I think it’s more fun to build something with someone else
0:09:02 and when you’re young, you want to round out your skills
0:09:04 with someone else who has the skills you don’t have.
0:09:07 And that’s the key, finding a partner with different skills
0:09:08 and also being generous with each other.
0:09:13 Nothing blows, nothing snatches defeat from the jobs of victory more
0:09:16 than when you aren’t generous and don’t get along with your partner.
0:09:19 It can just fuck up a company that has everything going for it.
0:09:22 Whenever I see a good company flying apart of the seams,
0:09:25 I know that it’s the partner’s not getting along.
0:09:27 The first thing you got to do is find really talented people,
0:09:29 give them a piece of the business,
0:09:31 paint a vision for why you think it’s going to be successful,
0:09:34 treat them well, identify the few key players in your company,
0:09:37 your small business and nail their feet to the ground,
0:09:39 say, “I’m going to give you 10% of this company.”
0:09:42 My first hire, I hired students when I started L2.
0:09:46 And my first hire, full-time hire, was a woman named Maureen Mullen.
0:09:48 I paid Maureen $15 an hour.
0:09:50 She had her consulting offer rescinded.
0:09:53 This was 2008 or 2009.
0:09:55 I started her, I think, at $15 or $20 an hour.
0:09:57 She was so good, I said, “Look,
0:10:00 I don’t have the money to pay you a market-competitive salary,
0:10:01 but I’m going to give you 10% of the company.”
0:10:05 Fast forward seven years later, we sold for $158 million.
0:10:07 So things worked out for her.
0:10:10 But you want to identify a core group of people and a partner,
0:10:10 I think, early on.
0:10:13 That’s everything, too.
0:10:15 Revenues make a business, not expenses.
0:10:18 I still make this mistake when I started business.
0:10:20 I think, “Oh, I’ve got to rent an office space.
0:10:22 I need to hire a bunch of people.
0:10:24 I need to have nice furniture.
0:10:26 I need to do some advertising.”
0:10:27 Fuck that.
0:10:28 Business is about revenues.
0:10:30 Now, I’ve always been in services business,
0:10:31 so don’t take a lot of capital.
0:10:33 But don’t fall under the illusion
0:10:36 that just because you can raise a lot of money or cheap capital,
0:10:38 that spending it makes a business, it doesn’t.
0:10:40 Sure, there are some businesses specifically in tech
0:10:43 where you do need to make investments,
0:10:46 but I’m pretty sure that every investment I made in 2021
0:10:47 is underwater or gone to zero.
0:10:49 Why? There was so much capital available
0:10:51 that a wallpapered over shitty ideas
0:10:53 and people spent too much money.
0:10:55 What is the number one?
0:10:59 The number one indicator of my nine businesses’ success?
0:11:00 Was it the idea? No.
0:11:02 I don’t know if one idea was better than the other.
0:11:03 Was it the people?
0:11:05 I had good people in almost all my businesses.
0:11:06 It was the following.
0:11:10 Did I start it during an economic boom
0:11:12 or coming out of a recession?
0:11:18 The companies I started at the tail end of a boom, 99, 2007,
0:11:19 almost always failed.
0:11:20 Everything’s expensive.
0:11:21 People are expensive.
0:11:23 Mediocre people cost a ton of money.
0:11:26 Some lame systems engineer comes into your office barefoot
0:11:30 and demands a 30% increase in salary every two months.
0:11:31 When I started companies,
0:11:34 when I started Profit in 1992 out of business school,
0:11:36 we were coming out of a recession.
0:11:40 When I started L2, it was 2009, 2010,
0:11:41 we were coming out of the great financial recession.
0:11:43 Those are great times to start a business.
0:11:45 So you want to find good people.
0:11:47 You want to make sure you don’t overspend.
0:11:50 I think you want to over serve those first few clients.
0:11:52 I think you need to be sort of mentally
0:11:53 and physically resilient.
0:11:55 I think your relationship needs to be in a good place.
0:11:58 I think you have to work exceptionally, exceptionally
0:12:01 hard, fair isn’t a productive word.
0:12:04 Also, I think you need a kitchen cabinet immediately
0:12:05 to advise you around stuff.
0:12:08 Also, I hate to say this, you have to be ruthless
0:12:12 when it comes to your first 10, 20, 30 employees.
0:12:13 Everybody has to be adding value.
0:12:14 You don’t have time to manage.
0:12:15 You don’t have time to figure out roles.
0:12:18 You don’t have time to put people on performance plans.
0:12:19 People got to show up.
0:12:21 They’ve got to be in it.
0:12:23 I mean, they got to come to play.
0:12:25 But all of these are really, it comes down to people,
0:12:28 good judgment and make sure you attract a lot of people
0:12:30 around you, greatnesses in the agency of others.
0:12:32 Good luck and thanks for the question.
0:12:35 We have one quick break before our final question.
0:12:36 Stay with us.
0:12:42 Support for Prop G comes from Quince.
0:12:45 The holidays are fully upon us, don’t we know it?
0:12:48 And if you haven’t crossed off by gifts
0:12:49 from your to-do list yet,
0:12:51 the panic might be starting to set in.
0:12:53 Before you fully freak out and buy everyone gift cards,
0:12:56 take a breath, slow down and consider Quince.
0:12:58 Quince makes it easy to treat everyone in your life
0:13:00 with some luxury quality clothing
0:13:03 at frankly ridiculously affordable prices.
0:13:05 Pieces like their iconic Mongolian cashmere sweaters
0:13:09 which started just $50 are guaranteed crowd blazers.
0:13:11 They’re warm, stylish and best of all affordable.
0:13:14 In fact, all of Quince’s luxury items
0:13:16 are priced 50 to 80% less than similar brands.
0:13:19 Plus Quince says they only work with factories
0:13:22 that use safe ethical and responsible manufacturing practices.
0:13:25 A few of our producers got to try out some Quince
0:13:28 and they love them, especially their sage green sheets
0:13:30 and said the Turkish towels are the softest towels
0:13:31 they’ve ever used.
0:13:32 They’re the softest.
0:13:35 Anyways, gift luxury this holiday season
0:13:37 without the luxury price tag.
0:13:40 Go to quince.com/propg for 365 day returns
0:13:43 plus free shipping on your order.
0:13:46 That’s Q-U-I-N-C-E.com/propg
0:13:49 to get free shipping and 365 day returns.
0:13:51 Quince.com/propg.
0:13:57 Support for PropG comes from Vanta.
0:13:59 If you’re a startup founder finding product market fit
0:14:01 is probably your number one priority.
0:14:03 But to land bigger customers,
0:14:05 you also need security compliance
0:14:09 and obtaining your SOC2 ISO 2701 certification
0:14:11 can take a valuable time and energy
0:14:13 pulling you away from building and shipping.
0:14:15 That’s where Vanta comes in.
0:14:17 Vanta is the all-in-one compliance solution
0:14:19 helping startups like yours get audit ready
0:14:21 and build a strong security foundation
0:14:23 quickly and painlessly.
0:14:25 Vanta automates the manual security tasks
0:14:27 that slow you down, helping you streamline your audit.
0:14:30 And the platform connects you with trusted VC SOEs
0:14:31 to build your program auditors,
0:14:33 to get you through audits quickly
0:14:36 and a marketplace for essentials like pen testing.
0:14:38 So whether you’re closing your first deal
0:14:41 or gearing up for growth, Vanta makes compliance easy.
0:14:42 You can join over 8,000 companies,
0:14:45 including many Y Combinator and Techstar startups
0:14:47 who trust Vanta.
0:14:49 If you want to simplify compliance and get $1,000 off,
0:14:53 you can visit vanta.com/profg.
0:14:57 That’s vaanta.com/profg.
0:15:03 Support for ProfG comes from Grammarly.
0:15:06 With AI becoming integrated in our work processes,
0:15:08 the name of the game is now Efficiency.
0:15:10 It’s why Grammarly delivers
0:15:11 a consistent communication experience
0:15:13 across all your organization’s ecosystem.
0:15:15 So roadblocks work and unblock best of all,
0:15:17 and only takes days to implement.
0:15:18 No IT overhead required.
0:15:22 So you can unify your team and see results right away.
0:15:24 Grammarly unifies your team’s voice across platforms
0:15:27 by seamlessly working across more than 500,000 web
0:15:28 and desktop apps.
0:15:30 And when every word your team writes is clear,
0:15:34 concise and on-brand, everything gets better and faster.
0:15:37 Grammarly reports that teams who use their technology
0:15:40 spend 52% less time writing sales emails.
0:15:42 We here at ProfG were able to try out Grammarly.
0:15:44 And as I’ve said before,
0:15:46 it helps unify or create a more consistent voice
0:15:47 and makes this more efficient,
0:15:50 especially writing business emails.
0:15:53 Join 70,000 teams and 30 million people
0:15:54 who trust Grammarly to work faster everywhere
0:15:55 they communicate.
0:15:58 Go to Grammarly.com/enterprise to learn more.
0:16:01 Grammarly, enterprise ready AI.
0:16:07 – Welcome back, question number three.
0:16:10 – Hi ProfG, this is Alex from Germany.
0:16:12 First off, thank you for the amazing work you do
0:16:13 on the podcast.
0:16:15 I wanted to share a bit about my current situation
0:16:17 to get your perspective.
0:16:18 I’m 23 years old, a student
0:16:20 and still living at home with my mom.
0:16:23 Next year, I’ll be spending six months in Hong Kong
0:16:25 as part of my studies.
0:16:27 Earlier this year, my father passed away unexpectedly
0:16:30 and left me an inheritance of about 1.5 million euros,
0:16:32 primarily in real estate.
0:16:34 I also have 100K outside of that,
0:16:37 80K in stocks and 20K in cash.
0:16:40 Additionally, I had already saved 40K myself
0:16:42 by living way below my means,
0:16:44 working a lot and saving as much as possible.
0:16:46 Even with this financial cushion,
0:16:49 I’ve become even more frugal.
0:16:50 My goal is to achieve financial independence
0:16:53 by my mid-30s and that’s why I’m so much focused
0:16:56 on investing and keeping my expenses low.
0:16:59 But lately, I’ve started to question
0:17:02 if this mindset is still healthy given my current situation.
0:17:04 Should I loosen it up a little bit
0:17:06 and allow myself to enjoy life more
0:17:08 or is this level of discipline necessary
0:17:10 to achieve the freedom I’m aiming for?
0:17:12 With the new financial resources I have,
0:17:14 I could afford to travel more
0:17:16 or enjoy similar experiences,
0:17:19 but I’m unsure if that aligns with my future goals.
0:17:21 I would really appreciate your thoughts on this.
0:17:22 Thanks again for listening
0:17:25 and all the incredible content you share.
0:17:27 – So first off, I’m really sorry about your dad, man.
0:17:31 I mean, that’s just, even if you think
0:17:33 you’re ready for it, you’re not.
0:17:35 And also, I think it’s great you’re living with your mom.
0:17:37 I moved back in with my mom.
0:17:38 She and I were very close
0:17:40 and I would imagine that you guys need each other right now.
0:17:42 She probably needs you more than vice versa,
0:17:44 but I think it’s really nice that you’re living with her.
0:17:48 Boss, you’ve got your shit throw together right now.
0:17:51 You’re 23 and granted, it was an inheritance,
0:17:53 but a million and a half euros.
0:17:56 You’ve already saved 100,000 euros.
0:17:59 You have 80 in stock and 20 in cash.
0:18:02 You’re so far ahead, both because of your good fortune
0:18:04 and your father’s and your mother’s hard work
0:18:08 and your approach that you’re really blessed.
0:18:11 This is kind of the mother of all good things.
0:18:14 I would say with a base, here’s the thing.
0:18:16 I’m gonna encourage you to loosen up
0:18:19 the spicket a little bit and have some fun,
0:18:21 whether that’s going to, fuck, I don’t know,
0:18:24 abyss with some friends or a music festival.
0:18:27 I don’t, you know, take five, 10,
0:18:31 maybe even 15 grand a year additional.
0:18:34 And you know, really kind of enjoy your 20s a little bit
0:18:36 because you’re blessed.
0:18:40 I mean, the reality is with a million and a half euros
0:18:42 in real estate, you’re not bulletproof,
0:18:47 but if that grows at four or 6% a year in value
0:18:49 from the age of 23, you’re gonna be wealthy.
0:18:52 So I think that given the situation you’re in,
0:18:55 to open it up a little bit and take, like I said,
0:18:59 another 10, 15, 20,000 euros and be really smart about it,
0:19:02 but do one, two, three really cool trips a year.
0:19:06 I would do it on experiences.
0:19:08 It’s weird to say this, I’m usually telling people
0:19:10 to bring their horns in in terms of spending,
0:19:11 but I would say at the age of 23,
0:19:13 of course, take your mom on a trip,
0:19:15 take your mom on a cruise or something,
0:19:17 you know, live a little bit, let her live a little bit.
0:19:20 All she wants to do probably is hang out with you.
0:19:22 But yeah, a couple trips a year with some buddies,
0:19:25 have some fun, really enjoy what it means to be 23
0:19:28 and as remarkably blessed as you are economically.
0:19:30 Yeah, I say open it up a little, push it out a little bit,
0:19:33 a little bit of splash in the cash,
0:19:36 a little bit of fling in the bling, Alex, my friend.
0:19:39 Anyways, man, again, let me finish where I’m started.
0:19:41 I’m sorry about your dad,
0:19:43 but you’re obviously on a lot of other levels,
0:19:46 especially economically, really blessed.
0:19:48 Thanks so much for the question.
0:19:49 That’s all for this episode.
0:19:50 If you’d like to submit a question,
0:19:52 please email a voice recording
0:19:54 to officehours@propertymedia.com.
0:19:57 Again, that’s officehours@propertymedia.com.
0:20:00 (upbeat music)
0:20:08 This episode was produced by Jennifer Sanchez
0:20:09 and Caroline Shagren.
0:20:11 Drew Burroughs is our technical director.
0:20:12 Thank you for listening to the Prop G Pod
0:20:14 from the Box Media Podcast Network.
0:20:17 We will catch you on Saturday for No Mercy, No Malice,
0:20:18 as read by George Hahn.
0:20:21 And please follow our Prop G Markets Pod
0:20:23 wherever you get your pods for new episodes
0:20:25 every Monday and Thursday.
0:20:35 [BLANK_AUDIO]
0:00:05 You’re building a business.
0:00:07 Klaviyo helps you grow it.
0:00:09 Klaviyo’s AI-powered marketing platform
0:00:12 puts all your customer data plus email,
0:00:15 SMS, and analytics in one place.
0:00:17 With Klaviyo, Tind Fish Phenom Fish Wife
0:00:21 delivers real-time personalized experiences
0:00:23 that keeps their customers hooked.
0:00:24 They’ve grown 70 times revenue
0:00:26 in just four years with Klaviyo.
0:00:28 Now that’s scale.
0:00:31 Visit klaviyo.com
0:00:33 to learn how brands like Fish Wife
0:00:36 build smarter digital relationships with Klaviyo.
0:00:42 – Thumbtack presents the ins and outs
0:00:44 of caring for your home.
0:00:47 Out, indecision, overthinking,
0:00:50 second-guessing every choice you make.
0:00:54 In, plans and guides that make it easy
0:00:56 to get home projects done.
0:01:01 Out, beige on beige on beige.
0:01:05 In, knowing what to do, when to do it,
0:01:06 and who to hire.
0:01:09 Start caring for your home with confidence.
0:01:11 Download Thumbtack today.
0:01:15 – In 100 meters, turn right.
0:01:17 Actually, no, turn left.
0:01:19 There’s some awesome new breakfast wraps at McDonald’s.
0:01:20 – Really?
0:01:22 – Yeah, there’s the sausage bacon and egg,
0:01:24 a crispy seasoned chicken one.
0:01:26 – Mmm, a spicy end egg, worth the detour.
0:01:28 – They sound amazing.
0:01:29 – That they taste amazing too.
0:01:30 (sighs)
0:01:32 Wish I had a mouth.
0:01:34 Take your morning into a delicious new direction
0:01:36 with McDonald’s new breakfast wraps.
0:01:39 Add a small premium roast coffee for a dollar plus tax.
0:01:41 At participating McDonald’s restaurants.
0:01:42 Ba-da-ba-ba-ba.
0:01:46 – Welcome to the Propgy Pod’s Office Hours.
0:01:48 This is the part of the show where we answer questions
0:01:49 about business, big tech, entrepreneurship,
0:01:50 and whatever else is on your mind.
0:01:52 If you’d like to submit a question,
0:01:55 please email a voice recording to officehours@propgmedia.com.
0:01:59 Again, that’s officehours@propgmedia.com.
0:02:00 Question number one.
0:02:02 – Hi, Prof.
0:02:03 A few weeks back,
0:02:06 you discussed the housing crisis facing this country.
0:02:08 You discussed a number of factors,
0:02:10 but I did not hear you mention the impact
0:02:15 of the sharing economy, such as Airbnb and VRBO.
0:02:17 I live in Nashville, Tennessee,
0:02:20 which has seen a confluence of two events.
0:02:25 A post pandemic or post COVID population rise
0:02:28 from residents of high tax states,
0:02:29 such as New York and California,
0:02:32 moving to a very low tax state here in Tennessee.
0:02:35 And additionally, we’ve also risen
0:02:38 as a very popular vacation destination.
0:02:41 Both of these have contributed to our building boom,
0:02:42 which we’re seeing here.
0:02:44 We have a number of apartments
0:02:46 and a number of housing units being built,
0:02:49 but many of those are built and owned
0:02:53 for the sole purpose of being short-term rentals.
0:02:56 As a result, we have seen our housing prices soar.
0:03:01 What impact are you seeing the home sharing economy
0:03:03 have on the rest of the country?
0:03:05 Is it similar to what we’re seeing here in Tennessee
0:03:07 or are we just an anomaly?
0:03:08 Thanks so much for your show.
0:03:10 Always appreciate it.
0:03:11 – A really thoughtful question.
0:03:14 So disclosure, I’m a shareholder in Airbnb.
0:03:16 There’s just no getting around it.
0:03:18 This is an issue.
0:03:20 Cities across the U.S., including New York and Santa Monica
0:03:22 are cracking down on short-term rental platforms,
0:03:25 specifically Airbnb and VRBO.
0:03:26 So let’s look at the numbers.
0:03:28 U.S. short-term rental market in 2023
0:03:32 was $64 billion in revenue up from $39 billion in 2019.
0:03:36 Vacation rental listings in the U.S. over $2.4 million
0:03:39 and more than 785,000 hosts.
0:03:41 And the estimated U.S. housing shortage
0:03:44 is at least 2 million homes.
0:03:46 Economists are divided on whether implementing bans
0:03:48 on short-term rentals helped solve
0:03:49 the housing affordability crisis.
0:03:51 A 2019 Harvard Business Review study found
0:03:55 that a 1% increase in Airbnb listings
0:03:59 led to just a small 0.01% rise in rental prices.
0:04:03 Airbnb’s response, short-term rentals bring money to cities
0:04:05 through rental fees and visitor spending.
0:04:06 They also say that most of their listings
0:04:08 are outside typical tourist areas
0:04:09 supporting neighborhoods that usually
0:04:11 don’t benefit from tourism.
0:04:12 That’s a fair point.
0:04:14 I would say there’s contradictory forces here.
0:04:16 The first is there’s just no getting around it.
0:04:18 If people start taking stock that would ordinarily
0:04:22 be used for long-term rentals and converting it
0:04:25 to short-term rentals, then local residents
0:04:29 see their rent or the rent on their rent go up.
0:04:30 That makes sense.
0:04:32 That, I see, is a transfer of wealth
0:04:36 from residents to tourists who are looking to not–
0:04:39 who don’t want to stay at some Joey Bagadona’s hotel
0:04:43 in Midtown for $600 a night so they can rent a cute studio
0:04:48 or one bedroom for $300 in Chelsea or Soho or Flatiron.
0:04:49 So they benefit.
0:04:53 It’s an economic arbitrage or economic transfer
0:04:55 from residents to tourists, if you will,
0:04:58 or from long-term renters to short-term renters.
0:05:03 Now, to Airbnb’s point, this should create economic activity.
0:05:06 If you reduce the friction of coming to a city
0:05:08 and getting more people spending money and more people coming
0:05:12 to different metros, it should create economic growth.
0:05:15 The key is– and the hotel’s had a good point–
0:05:17 that Airbnb should pay paying a certain amount of tax
0:05:18 or the same tax.
0:05:22 And then is that money being reinvested in new housing stock?
0:05:26 The biggest problem we have in the US around housing
0:05:27 is that we just don’t have enough supply.
0:05:29 It’s obviously not a demand problem.
0:05:31 It’s that it has become so difficult.
0:05:34 I think the primary culprit around increasing
0:05:37 rents and unaffordability around housing
0:05:39 is, essentially, we have taken housing permits
0:05:40 out of the hands of civic officials
0:05:43 and put it into the hands of homeowners.
0:05:45 What do I mean by that?
0:05:47 If you want to build, you have to get through the local
0:05:50 Architectural Review Board, the city planning commission.
0:05:51 And unfortunately, these commissions
0:05:55 are filled with current homeowners who always
0:05:57 find reasons not to increase the housing stock.
0:05:58 Why?
0:06:00 Because the incentives are to limit the housing stock,
0:06:03 such that the value of the assets they already own,
0:06:05 their homes, increases in value.
0:06:06 So they will listen to someone.
0:06:08 I bought a piece of land in Florida
0:06:09 when we were planning on developing it.
0:06:11 And a woman showed up to the review meeting in Florida.
0:06:15 It’s actually quite developer-friendly and said,
0:06:17 I want a study done, or I don’t want them to develop over there
0:06:21 because I walk my dog on that piece of property.
0:06:24 OK, so that’s trespassing.
0:06:26 I mean, they just delayed it another month
0:06:30 because a woman liked to walk her dog on my land.
0:06:33 We need economic incentives and tax rates.
0:06:35 We need to basically weaponize the private sector
0:06:37 and provide some sort of economic incentive
0:06:38 to get them building again.
0:06:40 I think this is really the problem.
0:06:41 I don’t think it’s short-term rentals.
0:06:42 I think they add to it.
0:06:45 But I think taxing them and putting in place
0:06:48 some restrictions might make sense.
0:06:50 I’m not even sure you want to put in place restrictions.
0:06:52 I think you just– what you want to do
0:06:56 is let their freak flag and their capitalist flag grow.
0:06:58 Let them do a bunch of innovation around current assets.
0:07:01 Also, there’s a certain private property element here.
0:07:03 And that is, if I own my place, I
0:07:05 should be able to do pretty much whatever the fuck I want with it.
0:07:07 The real issue here is a supply problem.
0:07:09 We need the government to weigh in with tax subsidies
0:07:12 and economic incentives such that builders rev up those engines.
0:07:15 And also, we probably need some sort of regulation
0:07:19 that makes it more difficult for civic officials
0:07:20 that are crammed with current homeowners
0:07:24 to weaponize the scarcity culture that we have engaged in.
0:07:26 If I already own stocks, I’m going to create monopolies
0:07:28 such that those stocks go up and up and up.
0:07:30 If I already own a home, I’m going
0:07:32 to make it harder for someone else to own a home.
0:07:35 If I already have a degree from UCLA,
0:07:38 because I got in with a 76% admissions rate,
0:07:41 I like that it’s a nine because that makes the value of my degree go up.
0:07:45 We have moved from a egalitarian society investing
0:07:49 an opportunity to a scarcity rejectionist bullshit culture
0:07:51 that’s about the hunger games where once I get mine,
0:07:52 I want to make it harder for you to get yours.
0:07:54 And housing is ground zero for that.
0:07:56 Thanks so much for the question.
0:07:58 Question number two.
0:07:58 Hi, Scott.
0:08:01 This is Cameron from Orlando, Florida.
0:08:03 I’ve been doing relatively well in my career thus far
0:08:07 and have been able to save and invest a substantial amount of money.
0:08:10 I’m considering starting my own business within the next few years
0:08:15 and was hoping you could help identify and give advice for avoiding
0:08:19 some early pitfalls that young entrepreneurs tend to fall into.
0:08:21 Thank you and love the show.
0:08:22 Thanks so much, Cameron.
0:08:23 Well, I have a lot of experience here
0:08:25 because I’ve started a lot of companies that have failed.
0:08:27 I’ve started some that have been successful.
0:08:28 And the wonderful thing about America
0:08:30 is you only need a couple successes.
0:08:33 And if it does really well, you’re set for the rest of your life.
0:08:35 OK, so greatness is in the agency of others.
0:08:38 I’ve typically, until the last 10 years of my life,
0:08:40 I had the credibility and I thought the skill to start businesses on my own.
0:08:41 I always had a partner.
0:08:44 I started my first business.
0:08:46 My first business was a video rental business when I was 24.
0:08:48 I partnered with my friend, Lee Lotus.
0:08:50 My next business was profit brand strategy.
0:08:54 I partnered with my business school classmate, Ian Chaplin.
0:08:57 I typically started businesses with other people.
0:09:00 So one, I think it’s more fun to build something with someone else
0:09:02 and when you’re young, you want to round out your skills
0:09:04 with someone else who has the skills you don’t have.
0:09:07 And that’s the key, finding a partner with different skills
0:09:08 and also being generous with each other.
0:09:13 Nothing blows, nothing snatches defeat from the jobs of victory more
0:09:16 than when you aren’t generous and don’t get along with your partner.
0:09:19 It can just fuck up a company that has everything going for it.
0:09:22 Whenever I see a good company flying apart of the seams,
0:09:25 I know that it’s the partner’s not getting along.
0:09:27 The first thing you got to do is find really talented people,
0:09:29 give them a piece of the business,
0:09:31 paint a vision for why you think it’s going to be successful,
0:09:34 treat them well, identify the few key players in your company,
0:09:37 your small business and nail their feet to the ground,
0:09:39 say, “I’m going to give you 10% of this company.”
0:09:42 My first hire, I hired students when I started L2.
0:09:46 And my first hire, full-time hire, was a woman named Maureen Mullen.
0:09:48 I paid Maureen $15 an hour.
0:09:50 She had her consulting offer rescinded.
0:09:53 This was 2008 or 2009.
0:09:55 I started her, I think, at $15 or $20 an hour.
0:09:57 She was so good, I said, “Look,
0:10:00 I don’t have the money to pay you a market-competitive salary,
0:10:01 but I’m going to give you 10% of the company.”
0:10:05 Fast forward seven years later, we sold for $158 million.
0:10:07 So things worked out for her.
0:10:10 But you want to identify a core group of people and a partner,
0:10:10 I think, early on.
0:10:13 That’s everything, too.
0:10:15 Revenues make a business, not expenses.
0:10:18 I still make this mistake when I started business.
0:10:20 I think, “Oh, I’ve got to rent an office space.
0:10:22 I need to hire a bunch of people.
0:10:24 I need to have nice furniture.
0:10:26 I need to do some advertising.”
0:10:27 Fuck that.
0:10:28 Business is about revenues.
0:10:30 Now, I’ve always been in services business,
0:10:31 so don’t take a lot of capital.
0:10:33 But don’t fall under the illusion
0:10:36 that just because you can raise a lot of money or cheap capital,
0:10:38 that spending it makes a business, it doesn’t.
0:10:40 Sure, there are some businesses specifically in tech
0:10:43 where you do need to make investments,
0:10:46 but I’m pretty sure that every investment I made in 2021
0:10:47 is underwater or gone to zero.
0:10:49 Why? There was so much capital available
0:10:51 that a wallpapered over shitty ideas
0:10:53 and people spent too much money.
0:10:55 What is the number one?
0:10:59 The number one indicator of my nine businesses’ success?
0:11:00 Was it the idea? No.
0:11:02 I don’t know if one idea was better than the other.
0:11:03 Was it the people?
0:11:05 I had good people in almost all my businesses.
0:11:06 It was the following.
0:11:10 Did I start it during an economic boom
0:11:12 or coming out of a recession?
0:11:18 The companies I started at the tail end of a boom, 99, 2007,
0:11:19 almost always failed.
0:11:20 Everything’s expensive.
0:11:21 People are expensive.
0:11:23 Mediocre people cost a ton of money.
0:11:26 Some lame systems engineer comes into your office barefoot
0:11:30 and demands a 30% increase in salary every two months.
0:11:31 When I started companies,
0:11:34 when I started Profit in 1992 out of business school,
0:11:36 we were coming out of a recession.
0:11:40 When I started L2, it was 2009, 2010,
0:11:41 we were coming out of the great financial recession.
0:11:43 Those are great times to start a business.
0:11:45 So you want to find good people.
0:11:47 You want to make sure you don’t overspend.
0:11:50 I think you want to over serve those first few clients.
0:11:52 I think you need to be sort of mentally
0:11:53 and physically resilient.
0:11:55 I think your relationship needs to be in a good place.
0:11:58 I think you have to work exceptionally, exceptionally
0:12:01 hard, fair isn’t a productive word.
0:12:04 Also, I think you need a kitchen cabinet immediately
0:12:05 to advise you around stuff.
0:12:08 Also, I hate to say this, you have to be ruthless
0:12:12 when it comes to your first 10, 20, 30 employees.
0:12:13 Everybody has to be adding value.
0:12:14 You don’t have time to manage.
0:12:15 You don’t have time to figure out roles.
0:12:18 You don’t have time to put people on performance plans.
0:12:19 People got to show up.
0:12:21 They’ve got to be in it.
0:12:23 I mean, they got to come to play.
0:12:25 But all of these are really, it comes down to people,
0:12:28 good judgment and make sure you attract a lot of people
0:12:30 around you, greatnesses in the agency of others.
0:12:32 Good luck and thanks for the question.
0:12:35 We have one quick break before our final question.
0:12:36 Stay with us.
0:12:42 Support for Prop G comes from Quince.
0:12:45 The holidays are fully upon us, don’t we know it?
0:12:48 And if you haven’t crossed off by gifts
0:12:49 from your to-do list yet,
0:12:51 the panic might be starting to set in.
0:12:53 Before you fully freak out and buy everyone gift cards,
0:12:56 take a breath, slow down and consider Quince.
0:12:58 Quince makes it easy to treat everyone in your life
0:13:00 with some luxury quality clothing
0:13:03 at frankly ridiculously affordable prices.
0:13:05 Pieces like their iconic Mongolian cashmere sweaters
0:13:09 which started just $50 are guaranteed crowd blazers.
0:13:11 They’re warm, stylish and best of all affordable.
0:13:14 In fact, all of Quince’s luxury items
0:13:16 are priced 50 to 80% less than similar brands.
0:13:19 Plus Quince says they only work with factories
0:13:22 that use safe ethical and responsible manufacturing practices.
0:13:25 A few of our producers got to try out some Quince
0:13:28 and they love them, especially their sage green sheets
0:13:30 and said the Turkish towels are the softest towels
0:13:31 they’ve ever used.
0:13:32 They’re the softest.
0:13:35 Anyways, gift luxury this holiday season
0:13:37 without the luxury price tag.
0:13:40 Go to quince.com/propg for 365 day returns
0:13:43 plus free shipping on your order.
0:13:46 That’s Q-U-I-N-C-E.com/propg
0:13:49 to get free shipping and 365 day returns.
0:13:51 Quince.com/propg.
0:13:57 Support for PropG comes from Vanta.
0:13:59 If you’re a startup founder finding product market fit
0:14:01 is probably your number one priority.
0:14:03 But to land bigger customers,
0:14:05 you also need security compliance
0:14:09 and obtaining your SOC2 ISO 2701 certification
0:14:11 can take a valuable time and energy
0:14:13 pulling you away from building and shipping.
0:14:15 That’s where Vanta comes in.
0:14:17 Vanta is the all-in-one compliance solution
0:14:19 helping startups like yours get audit ready
0:14:21 and build a strong security foundation
0:14:23 quickly and painlessly.
0:14:25 Vanta automates the manual security tasks
0:14:27 that slow you down, helping you streamline your audit.
0:14:30 And the platform connects you with trusted VC SOEs
0:14:31 to build your program auditors,
0:14:33 to get you through audits quickly
0:14:36 and a marketplace for essentials like pen testing.
0:14:38 So whether you’re closing your first deal
0:14:41 or gearing up for growth, Vanta makes compliance easy.
0:14:42 You can join over 8,000 companies,
0:14:45 including many Y Combinator and Techstar startups
0:14:47 who trust Vanta.
0:14:49 If you want to simplify compliance and get $1,000 off,
0:14:53 you can visit vanta.com/profg.
0:14:57 That’s vaanta.com/profg.
0:15:03 Support for ProfG comes from Grammarly.
0:15:06 With AI becoming integrated in our work processes,
0:15:08 the name of the game is now Efficiency.
0:15:10 It’s why Grammarly delivers
0:15:11 a consistent communication experience
0:15:13 across all your organization’s ecosystem.
0:15:15 So roadblocks work and unblock best of all,
0:15:17 and only takes days to implement.
0:15:18 No IT overhead required.
0:15:22 So you can unify your team and see results right away.
0:15:24 Grammarly unifies your team’s voice across platforms
0:15:27 by seamlessly working across more than 500,000 web
0:15:28 and desktop apps.
0:15:30 And when every word your team writes is clear,
0:15:34 concise and on-brand, everything gets better and faster.
0:15:37 Grammarly reports that teams who use their technology
0:15:40 spend 52% less time writing sales emails.
0:15:42 We here at ProfG were able to try out Grammarly.
0:15:44 And as I’ve said before,
0:15:46 it helps unify or create a more consistent voice
0:15:47 and makes this more efficient,
0:15:50 especially writing business emails.
0:15:53 Join 70,000 teams and 30 million people
0:15:54 who trust Grammarly to work faster everywhere
0:15:55 they communicate.
0:15:58 Go to Grammarly.com/enterprise to learn more.
0:16:01 Grammarly, enterprise ready AI.
0:16:07 – Welcome back, question number three.
0:16:10 – Hi ProfG, this is Alex from Germany.
0:16:12 First off, thank you for the amazing work you do
0:16:13 on the podcast.
0:16:15 I wanted to share a bit about my current situation
0:16:17 to get your perspective.
0:16:18 I’m 23 years old, a student
0:16:20 and still living at home with my mom.
0:16:23 Next year, I’ll be spending six months in Hong Kong
0:16:25 as part of my studies.
0:16:27 Earlier this year, my father passed away unexpectedly
0:16:30 and left me an inheritance of about 1.5 million euros,
0:16:32 primarily in real estate.
0:16:34 I also have 100K outside of that,
0:16:37 80K in stocks and 20K in cash.
0:16:40 Additionally, I had already saved 40K myself
0:16:42 by living way below my means,
0:16:44 working a lot and saving as much as possible.
0:16:46 Even with this financial cushion,
0:16:49 I’ve become even more frugal.
0:16:50 My goal is to achieve financial independence
0:16:53 by my mid-30s and that’s why I’m so much focused
0:16:56 on investing and keeping my expenses low.
0:16:59 But lately, I’ve started to question
0:17:02 if this mindset is still healthy given my current situation.
0:17:04 Should I loosen it up a little bit
0:17:06 and allow myself to enjoy life more
0:17:08 or is this level of discipline necessary
0:17:10 to achieve the freedom I’m aiming for?
0:17:12 With the new financial resources I have,
0:17:14 I could afford to travel more
0:17:16 or enjoy similar experiences,
0:17:19 but I’m unsure if that aligns with my future goals.
0:17:21 I would really appreciate your thoughts on this.
0:17:22 Thanks again for listening
0:17:25 and all the incredible content you share.
0:17:27 – So first off, I’m really sorry about your dad, man.
0:17:31 I mean, that’s just, even if you think
0:17:33 you’re ready for it, you’re not.
0:17:35 And also, I think it’s great you’re living with your mom.
0:17:37 I moved back in with my mom.
0:17:38 She and I were very close
0:17:40 and I would imagine that you guys need each other right now.
0:17:42 She probably needs you more than vice versa,
0:17:44 but I think it’s really nice that you’re living with her.
0:17:48 Boss, you’ve got your shit throw together right now.
0:17:51 You’re 23 and granted, it was an inheritance,
0:17:53 but a million and a half euros.
0:17:56 You’ve already saved 100,000 euros.
0:17:59 You have 80 in stock and 20 in cash.
0:18:02 You’re so far ahead, both because of your good fortune
0:18:04 and your father’s and your mother’s hard work
0:18:08 and your approach that you’re really blessed.
0:18:11 This is kind of the mother of all good things.
0:18:14 I would say with a base, here’s the thing.
0:18:16 I’m gonna encourage you to loosen up
0:18:19 the spicket a little bit and have some fun,
0:18:21 whether that’s going to, fuck, I don’t know,
0:18:24 abyss with some friends or a music festival.
0:18:27 I don’t, you know, take five, 10,
0:18:31 maybe even 15 grand a year additional.
0:18:34 And you know, really kind of enjoy your 20s a little bit
0:18:36 because you’re blessed.
0:18:40 I mean, the reality is with a million and a half euros
0:18:42 in real estate, you’re not bulletproof,
0:18:47 but if that grows at four or 6% a year in value
0:18:49 from the age of 23, you’re gonna be wealthy.
0:18:52 So I think that given the situation you’re in,
0:18:55 to open it up a little bit and take, like I said,
0:18:59 another 10, 15, 20,000 euros and be really smart about it,
0:19:02 but do one, two, three really cool trips a year.
0:19:06 I would do it on experiences.
0:19:08 It’s weird to say this, I’m usually telling people
0:19:10 to bring their horns in in terms of spending,
0:19:11 but I would say at the age of 23,
0:19:13 of course, take your mom on a trip,
0:19:15 take your mom on a cruise or something,
0:19:17 you know, live a little bit, let her live a little bit.
0:19:20 All she wants to do probably is hang out with you.
0:19:22 But yeah, a couple trips a year with some buddies,
0:19:25 have some fun, really enjoy what it means to be 23
0:19:28 and as remarkably blessed as you are economically.
0:19:30 Yeah, I say open it up a little, push it out a little bit,
0:19:33 a little bit of splash in the cash,
0:19:36 a little bit of fling in the bling, Alex, my friend.
0:19:39 Anyways, man, again, let me finish where I’m started.
0:19:41 I’m sorry about your dad,
0:19:43 but you’re obviously on a lot of other levels,
0:19:46 especially economically, really blessed.
0:19:48 Thanks so much for the question.
0:19:49 That’s all for this episode.
0:19:50 If you’d like to submit a question,
0:19:52 please email a voice recording
0:19:54 to officehours@propertymedia.com.
0:19:57 Again, that’s officehours@propertymedia.com.
0:20:00 (upbeat music)
0:20:08 This episode was produced by Jennifer Sanchez
0:20:09 and Caroline Shagren.
0:20:11 Drew Burroughs is our technical director.
0:20:12 Thank you for listening to the Prop G Pod
0:20:14 from the Box Media Podcast Network.
0:20:17 We will catch you on Saturday for No Mercy, No Malice,
0:20:18 as read by George Hahn.
0:20:21 And please follow our Prop G Markets Pod
0:20:23 wherever you get your pods for new episodes
0:20:25 every Monday and Thursday.
0:20:35 [BLANK_AUDIO]
Vietnamese translation content goes here.
Scott discusses the impact of home-sharing companies, including Airbnb and Vrbo, on the housing affordability crisis. He then gives advice to entrepreneurs and wraps up with his thoughts on how to balance being frugal while also enjoying life in your 20s.
Music: https://www.davidcuttermusic.com / @dcuttermusic
Subscribe to No Mercy / No Malice
Buy “The Algebra of Wealth,” out now.
Follow the podcast across socials @profgpod:
Learn more about your ad choices. Visit podcastchoices.com/adchoices