It would basically preclude a lot of new housing from being built in Oakland.

You have to analyze where you’re going to allocate your capital — and your risk. Comments like that can have far-reaching implications.

The projects in Oakland that we’ve built have been the most diverse projects of any place in the Bay Area. At our Durant project, 35 percent of the buyers were African American, about 30 percent...

I have that quote burned into my head.