EXCLUSIVE: Real Estate Mogul Mauricio Umansky Says California Should Look to ‘Reaganomics’ for Affordability Solution—Not Ineffective Wealth Tax

Real estate mogul Mauricio Umansky isn’t sold on California’s proposed billionaire tax—warning that the initiative to levy a one-time 5% tax on the global assets of the Golden State’s wealthiest residents is shortsighted, and could end up doing more harm than good.

Proponents of the California Billionaire Tax Act, which recently received enough signatures to appear on the Nov. 3 general election ballot, say funds raised from the measure will offset projected federal cuts to healthcare and public services. However, detractors argue it could permanently drive out the state’s top earners—and the critical millions of dollars they pay in taxes annually.

The long-term impact on the state’s ability to foster business is why The Agency founder, 55, suggests a more measured approach—namely, a pivot back to "Reaganomics," a name given to the economic politics implemented by President Ronald Reagan during the 1980s to combat stagflation.

“What I'm trying to tell the politicians is, look at the states that are working,” he says. “The states that are working are not just trying to tax more. They're the ones that are actually allowing the old way of 'Reaganomics' to operate.

“I by no means subscribe to the fact that you have to be super right or super left, but what we have lost is the middle,” he adds. “Let's just find that middle. At the end of the day, we need to find a ground where a state and a city are business-friendly.” 

Umanksy points to Measure ULA, the voter-approved tax widely referred to as the “mansion tax,” as an example of miscalculated promised outcomes.

Though supporters report that the tax on property sales of $5.3 million and above has raised more than $1 billion to develop affordable housing and help prevent homelessness, critics claim it has impeded the real estate deal volume it depends on.

“There's no question there's a decline in luxury sales, and there's a reduction in new construction, and not only that, we have seen that it's actually not working,” states Umansky. “The revenue that they were expecting is way down. They're not even close to hitting the numbers that they were expecting.”

Solving the state’s affordability crisis, Umansky believes, is dependent upon making it easier for builders and developers to do business within its borders.

“Affordability is a big problem in the country. It's something that we have to take care of and fix, and we have to create more [and] unlock more housing,” he says, before explaining his preferred strategy of reducing red tape and increasing incentives.

“Affordability is going to come with an increased supply, so if states and cities can start making entitlements easier and making it easier for people to build and to construct and maybe [offer] some tax incentives, you're going to start seeing a greater supply of housing, which we're in need of anyway. That's why everything's so expensive,” he adds.

“As long as you can increase supply, you're going to start seeing affordability. But to me, that's more of a political issue, and we really do need to get to the bottom of that. The only way you're going to get things done is by privatization and by creating capitalism and allowing the business owners to create affordability—so allow them to do what they need to do.”

Meanwhile, Umansky notes that the housing market has seen an increase in activity since the start of 2026, pointing to the beginning of spring as peak homebuying season and the fluctuation in interest rates.

Rates "went down, then they went up,” he says. “The market has seen more transactions and more volume than in the last few months, but that could also just be having to do with the season.”

No matter the reason, Umansky’s forecast for the spring housing market is positive.

“I’m predicting a better market this year as opposed to last year,” he says. “We've been in a three-year low of transactions, which builds up demand. People can only wait so long and say, ‘I’m going to stay in this house for one year, for two years, for three years.’ Eventually, they say, ‘I have to move.’ 

“As we have seen interest rates drop a little bit, people understand that you are renting your mortgage rate, so you can start making your moves now. In a year, refinance. I do anticipate a much better market this spring than last year. It's already showing those signs.”

For buyers and sellers making their moves now, Umansky offers his best expert advice.

“Top tip [for] a buyer, throw offers. ... There's some great opportunities out there. If you have to put 10, 12, 15 offers [in] before you get what you want, be willing to throw in offers and buy something that's going to make you happy,” he shares.

“And then [for] a seller, it’s a good time to make your move. Unlock your inventory and make whatever change you’re wanting to make, whether it's upgrade or downgrade or downsize. Now is that moment.”

Right now, Umansky himself is in the market to add to his property portfolio.

“We're starting to look at different ideas right now in terms of what to do, and I think there's some great buying opportunities,” he reveals. “I’ve been buying over the past two, three years anyway and making some investments and putting out some new spec homes, but I think we're going to start getting a little bit more aggressive now.”

When it comes to his personal abode, Umansky reveals he recently relocated from the Hollywood Hills home featured on the most recent season of “The Real Housewives of Beverly Hills” to a new spot in the same neighborhood.

“It’s great. I've actually moved already. I'm living in another place that I absolutely love, and it's fantastic. It's been really, really nice. The whole house is like a sanctuary, that’s why I like it so much,” he shares.

As for the Bel-Air, CA, abode he once shared with estranged wife Kyle Richards, Umansky admits he’s aware of the overhaul his “Real Housewives” co-star Amanda Frances did to the dwelling after she bought it from them and fully approves of the changes. They include the removal of the black-and-white checkerboard floor, which fans of the show came to recognize and love.

While the transformation has effectively erased the home that Umansky and Richards once shared, he says he has no issue with Frances' decision to overhaul the property.

“I did see the renovation,” he reveals. “I think that a new owner is allowed to do whatever they want to a house, and if she didn't like those black and white floors, she should rip them out in 2 seconds.”

A happy homeowner, Umansky holds, is the ultimate goal in his line of work, and the satisfaction that comes from helping clients is what motivates him to remain active as a real estate agent.

“For me, it's important to still be in the deal,” dishes the author of “The Dealmaker: How To Succeed in Business & Life Through Dedication, Determination & Disruption.”

“It is the art of the deal, and I just love it,” he continues. “I love the negotiation. I love matchmaking. I love seeing happy clients. I love helping them find their homes.”

As for Umansky's relationship with Richards, he declined to comment on their personal dynamic—even after his estranged spouse declared during the second part of the "Real Housewives of Beverly Hills" Season 15 reunion that she believes she is owed "half" of his real estate empire should they divorce.

"Will you be asking for half of The Agency?" host Andy Cohen asked Richards, who was quick to respond: "Well, it's mine. Half of it is mine."

However, she admitted that she and Umansky have made no move toward making their divorce legal, noting that she is afraid it could interrupt their peaceful co-existence.

Umansky founded The Agency alongside Billy Rose and Blair Chang in 2011, 15 years after he wed Richards—and by May 2022, the business had facilitated more than $57 billion in real estate sales, according to Forbes.

According to The Agency's website, the company currently operates more than 145 offices in 14 countries, while Umansky's bio notes that he has "achieved nearly $5 billion in real estate sales and holds the distinction of selling the most homes in the country priced above $20 million."

Even though Umansky is proud to be “still selling over $250 million a year” at this point in his career, he professes his love for real estate transactions of all sizes, not just the luxury ones. 

“It's not only the $10 [million] or $20 million deals that make me happy,” he asserts. “I just found somebody a lease, and they're the happiest people in the world, and I can't tell you how much happiness I got out of finding that lease for them.

“They couldn't find a lease,” he details. “They were struggling, and they're like, ‘Mauricio, will you please help me?’ I made some calls. I found some off-market stuff, and they were just thrilled, and it was, you know, literally just a lease. I get thrills out of that.”

Umansky also enjoys championing the vast team of real estate agents at his luxury firm.

“I love to watch my agents flourish more than anything, and watching them grow their careers at this point and helping them grow their careers. That's my favorite thing today,” he says.

As The Agency marks its 15th year in business, Umansky acknowledges that there’s a lot to celebrate—and a lot more work to do.

“We're almost 160 offices. I reflect on it all the time. Obviously, it's a dream. We're building a network,” he says. 

“We still have a long way to go," he adds. "We're not even close to being what I call successful, particularly with the markets, the way they are right now, but I'm so proud of our network and our people. 

“I just love what we've done and what we're doing and what we stand for: good ethics and good integrity and delivering amazing and great service to our clients.”