Anti-Sustainability? A Real Estate Investor Calls Out ‘Virtue Signaling’

In this episode of Less Talk, More Action, Joel and Owen sit down with August Biniaz, CIO of CPI Capital, for a candid conversation at the intersection of real estate, sustainability, and free markets. They explore why August instinctively associates “sustainability” with bureaucracy and virtue signaling, shaped by his upbringing in Iran and experiences as a Vancouver homebuilder facing heavy regulation. The discussion dives into how multifamily syndicators really think about sustainability, solar, and energy costs (it’s all about NOI and hold periods), the stark differences between Canadian and U.S. housing markets, and the role of rent control and government bailouts in affordability. Along the way, they debate hypocrisy in climate rhetoric (“F oil” vs. everyday fossil fuel use), the value of street smarts vs. book smarts in entrepreneurship, and why August ultimately places his hope in a younger generation that is more environmentally conscious and socially aware, even as he remains deeply skeptical of top-down mandates.