By Alicia Clanton and John Gittelsohn | Bloomberg

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 Thursday at a Bloomberg Screentime conference in Los Angeles, 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.”

Caruso, 66, has been positioning himself as a more effective leader than LA Mayor Karen Bass, who he says has mishandled the city’s issues with housing affordability, crime and January’s devastating wildfires. The developer has been weighing whether to run for California gov

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