Property Investor of 38 Years: Why I Will Never Take Zoning Risk Again

Eighteen years. That's how long one property fund waited to get zoning permission on farmland beside a commuter town outside London. You can't afford to live in the city you work in. Developers blame construction costs, politicians blame developers, and the homes still don't get built. Keith Breslauer has spent 38 years in real estate, ten of them at Lehman Brothers buying distressed credit and property. He founded Patron Capital in 1999 and has spent 27 years investing in complex property deals across Europe. You'll hear how planning delays feed into the price of every home, through the cost of capital and the risk investors put on it. Keith explains why the UK housing crisis is a land supply problem first. He also sets out where he thinks the free market has failed buyers. David and Keith cover property development economics, NIMBYism, affordable housing and densification in London. It's for anyone priced out, anyone who votes on planning, and anyone in property who wants a sharper argument for building. Key Takeaways A political decision-maker sits in the middle of every planning application, and that one fact is why Keith now refuses a whole category of risk. The 1.5 million homes target fails before a brick is laid, because the inputs behind it point in different directions. Governments keep stalling on housing because nobody has defined whose common good they are serving. Affordable housing can be an investable product. Keith's fund for women leaving domestic abuse has bought 122 homes and housed 705 women and their families. Chapter Markers 00:00 Eighteen years to get planning permission 00:40 David introduces Keith Breslauer 02:06 From Lehman Brothers to Patron Capital 04:16 What property development involves 05:59 Why cities aren't building enough homes 09:25 Home ownership, Help to Buy and Germany 13:01 How long waits change the return 16:23 The one risk Keith won't take 18:59 Is institutional capital too expensive for housing? 22:40 NIMBYs, councils and the common good 26:26 Office conversions and knocking buildings down 32:38 Brownfield, green belt or densification 35:20 Why property can't talk to the public 38:00 A housing fund for women escaping abuse 40:27 Building homes for the middle class 44:26 Where the free market stops working 47:44 Institutional investors in UK housing 50:10 One change: align everything to the objective Useful Links & Resources Maya Capital: https://www.maya-cap.com/ David Pralong on LinkedIn: https://www.linkedin.com/in/david-pralong-bb7a09/ Connect With the Show YouTube: https://www.youtube.com/@Maya-Cap Spotify: https://open.spotify.com/show/3NpuI114H9c4QmfC4R09Pd Apple Podcasts: https://podcasts.apple.com/us/podcast/priced-out-with-david-pralong/id6821938508 Should a national body be able to overrule local councils to get homes built? Or should councils keep the final say? Tell us in the comments, and send in your own planning story or a question for David. Bring this conversation home to your friends and family, then subscribe to Priced Out with David Pralong so you never miss an episode. #UKHousing #HousingCrisis #PlanningReform #AffordableHousing #RealEstate