
Episode #23
Why Building Beats Buying, Industry Experts on the Housing Shortage w/ Bryan Lamb and Charles Tseng
One guest is closing a deal to build eight townhomes on a former parking lot in San Jose. The other develops multifamily communities by the hundreds of units, nationwide. In this episode, Ryan Elazari sits down with Charles Tseng, Founder and CEO of Cityzone, and Bryan Lamb, EVP and Multifamily Sector Lead at Ryan Companies, to break down two opposite bets on how America actually gets housing built: AI-driven infill at the missing middle versus institutional multifamily at national scale. WHAT YOU'LL LEARN • Why Bryan Lamb says building beats buying at today's cap rates, and the math behind a 7 percent return on cost • How Charles Tseng uses AI to source and permit missing middle infill housing under California's new pro housing laws • Why California's stacked zoning codes have gotten too complex for humans to navigate without AI • Why a national rent growth policy and as of right permitting are the two levers both guests agree could fix housing • Whether this is really a national housing crisis, or one concentrated at the bottom of the market "Imagine a city where you could only shop at Whole Foods or Trader Joe's. That's basically what's happening in housing." — Charles Tseng Show Notes: 00:10: Introducing Charles Tseng and Bryan Lamb 02:33: Why building beats buying in today's market 05:41: Inside Cityzone's AI driven infill deals 07:49: The renter by choice generation 11:45: Why property management operations drive returns 14:42: National housing crisis, or a bottom of market crisis 18:43: The K shaped housing market and the missing middle 21:54: The condo divide: risk, taxes, and litigation 26:05: One policy lever to fix housing 34:02: Can AI break the permitting logjam 35:57: Modular construction and 3D printing, hype vs reality 41:22: Advice for the next generation of real estate professionals 45:04: Unplugged, life outside cap rates and entitlements 50:18: Ryan's postgame recap ABOUT CHARLES TSENG Founder and CEO, Cityzone Tseng is a 25 plus year data scientist who built the original business intelligence system at Realtor.com before the 2008 crash, then went on to serve as technical co-founder or CTO of venture-backed startups including REX Homes and SteadyMD. He now runs Cityzone, an AI platform that helps homeowners and investors identify, evaluate, and permit missing middle infill housing under California's new pro housing laws. ABOUT BRYAN LAMB EVP, Multifamily Sector Lead, Ryan Companies Lamb is a Harvard MBA and 20 year real estate leader with more than $3B in principal level multifamily acquisitions and development. He built Exeter Property Group's U.S. multifamily platform from scratch to roughly $1.5B in AUM before joining Ryan Companies in 2025 to run its national housing platform. ABOUT CRE UNPLUGGEDReal, unfiltered conversations about where commercial real estate is actually going. Covering AI, innovation, and the human side of the industry that nobody else is talking about. Hosted by Ryan Elazari. Subscribe for episodes with CRE founders, operators, and innovators pushing the industry forward. Connect With Us Email: info@creunplugged.com Website: creunplugged.com YouTube: @CREUnplugged1 LinkedIn: CRE Unplugged Instagram: @cre.unplugged Connect With Charles LinkedIn: linkedin.com/in/ctseng Cityzone: cityzone.aiConnect With Bryan LinkedIn: linkedin.com/in/bryanplamb Ryan Companies: ryancompanies.com FOLLOW CRE UNPLUGGED creunplugged.com | LinkedIn | YouTube | Instagram This episode is sponsored by our awesome partner, HILO , making connectivity and engagement a breeze in commercial real estate.


